What would a bank tax mean for JPM's mega-tower?

Afternoon all,

Today has been dominated by discussions of what a bank tax would mean for the economy at large. One banker who Rachel Reeves was always keen to keep close with was the JP Morgan boss Jamie Dimon. He’s warned before that he could “reconsider” a major new HQ in Canary Wharf - a tower as high as the Shard which could inject as much as £10bn into the UK economy. Our senior City reporter Sam Norman has an analysis piece about exactly this…

We’ll be back in your inboxes at 8am on Monday. In the meantime, have a great weekend!

Matt

Jamie Dimon is understood to have said the right public policy was the key to solving the issues facing global economies, according to those close to the conversation.

Reports at the time suggested the JP Morgan boss warned of the impact higher bank taxes have on local jobs. A source close to the talks said tax chatter remained general, and not specific to the UK, nor with any link to JP Morgan’s new plans for a blockbuster tower in London.

But Dimon hasn’t kept his view on the new headquarters – set to be Canary Wharf’s tallest tower – secret.

Speaking at an International Monetary Fund event in Bangkok, Bailey said firms were “clearly squeezing margins as well as cost cutting” in order to deal with a spike in energy prices. International oil and gas prices have risen over the last fortnight amid a continuation of conflict in the Middle East.

He added that it was becoming harder for firms to prevent prices of their own products from rising as the scope for cost-cutting became smaller. 

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A total of 68 tax investigations were opened in the year to April across players, clubs and agents – down on 118 from the previous accounting period – and netted an extra £110m for HMRC coffers, according to FOI data gathered by accounting firm UHY Hacker Young.

It comes amid questions surrounding whether Manchester City could be investigated for further tax payments after being found guilty by an independent panel of over 100 finance-related charges lodged by the Premier League.

The Financial Conduct Authority (FCA) said on Friday it “has reviewed its regulatory action against individuals whose convictions have recently been overturned by the Court of Appeal” and “will take no further action against these individuals in relation to this matter. “

Luminous Kristin Scott Thomas is the perfect choice for eccentric, blinkered stateswoman Lyubov Ranevskaya in Anton Chekhov’s The Cherry Orchard, a mound of gesticulating passion and nostalgic delusion as the broke matriarch being slowly and painfully dethroned from her Russian country pile. 

It is clear that the UK does not have enough homes for its population. There are two stories about why this has happened. The first, told by YIMBYs, is that it is simply too hard to build homes and expand the housing supply. The other, told by migration hawks, is that the record numbers entering Britain have driven up demand for scarce properties.

Both have a truth to them, and action solely on one is not enough to end the housing crisis, writes Ben Hopkinson.

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