JP Morgan boss threatens to axe £3bn UK investment if Labour lurches to the left with Starmer replacement | LBC
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The boss of JP Morgan has threatened to withdraw £3 billion of UK investment if Labour replaces Sir Keir Starmer with a Prime Minister "hostile to banks".
Jamie Dimon, head of America's biggest bank, said the company would review existing plans to build a new skyscraper headquarters in London's Canary Wharf.
The warning comes amid mounting pressure on Sir Keir to walk away from Downing Street, with more than 80 MPs having called on him to step down.
Andy Burnham and Angela Rayner have been touted as possible names to replace Starmer, both of whom have previously called for more tax and spending.
Read more: Labour needs a new leader, but forcing Starmer out today would be a mistake
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Asked whether he would review the plans for the new London office in light of the turmoil, Mr Dimon told Bloomberg TV: "Not political instability, but if they become hostile to banks again, yes."
He added: "I’ve always objected to the fact that we didn’t damage the UK in any way, we paid probably $10bn [£7.4bn] in extra taxes by now.
"I don’t think that’s right or fair. If that happens too much, we will reconsider."
It is understood that Mr Dimon was referring to the UK's decision to target banks with two sector-specific taxes following the 2008 financial crisis.
This included the bank surcharge, which is a tax on bank profits, and the bank levy, which applies to certain parts of lenders' UK balance sheets.
The chief has praised the Prime Minister in the past and described him during the interview as a "smart guy".
But the bank stressed in November that the building plans would depend on "a continuing positive business environment in the UK".
The new office will cost £3bn to build and span about three million square feet of gross area, hosting up to 12,000 employees.
The six-year project is predicted to contribute £10bn to the local economy and create 7,800 jobs.