Jamie Dimon to meet new Chancellor John Healey ahead of October Budget

Jamie Dimon, chief executive of JP Morgan, is scheduled to meet John Healey in London today, just days before the new Chancellor delivers his first Budget.

Why the meeting matters

Healey inherits a fiscal cushion of roughly £23.6 billion left by his predecessor Rachel Reeves. Analysts warn that a plunge in global bond markets, sparked by the ongoing US‑Iran conflict, could halve that margin, forcing the Treasury to consider tougher revenue measures.

Banking lobbyists fear the Budget could include a “punishing tax raid” aimed at the sector, especially with Andy Burnham and other left‑wing politicians pressing for higher levies. A letter from UK Finance, the industry body, warned that targeting banks would ignore their role in credit provision, investment and regional growth.

“Banking reaches every part of the economy and every region of the country, providing credit to households and SMEs, supporting investment, and acting as the UK’s gateway to global markets,” wrote David Postings.

Banking sector’s defensive push

Dimon, who earns a $43 million package, has repeatedly warned against sector‑specific taxes. In July he said a new levy would have “adverse consequences”, and in May he hinted that JP Morgan might pull its £3 billion skyscraper investment if the government turned “hostile” toward banks. The Treasury declined to comment on the upcoming talks.

The meeting follows a phone call last month, at the request of Healey’s team, where Dimon stressed the importance of “getting public policy right”. Several other financial chiefs are also slated to speak with the Chancellor in the same week, signalling a concerted effort to shape the fiscal narrative before the October 28 Budget.

For further context on how the US‑Iran clash is feeding into UK inflation pressures, see Bailey flags inflation upside as Iran conflict pushes energy prices higher.