JP Morgan Slams 'Unprincipled' Bank Tax Hike in UK Budget
Yahoo Finance ·
JP Morgan has strongly criticized Chancellor John Healey's decision to raise bank taxes, labeling the policy as unprincipled and unfair. Under the new Budget measures, the temporary surcharge on bank profits will double from 3pc to 6pc for 15 months, resulting in an estimated additional cost of £100m to £150m for JP Morgan. The Wall Street giant argued that singling out the banking sector—a major driver of British growth and employment—ignores intense global competition. While the increase is smaller than the 8pc feared by the City, lifting the total tax rate on banks to 31pc, major international lenders continue to warn that such measures risk pushing vital investments and jobs overseas. Meanwhile, the Treasury also introduced new Founders' Relief and overhauled equipment write-off rules as part of the broader fiscal package.
AI 시장 분석
UK Chancellor John Healey's decision to temporarily raise the surcharge on bank profits from 3% to 6% has drawn backlash from financial firms like JPMorgan. This measure raises the total corporate tax rate for UK banks to 31%, saddling JPMorgan with an additional annual burden of 100 to 150 million pounds. However, as the rate was set lower than the market expectation of 8%, major bank stocks like Barclays closed higher.
상승 영향
- Banks — Uncertainty was resolved as the bank tax hike was finalized at 6% rather than the market expectation of 8% as a 15-month temporary measure, leading to a 3% to 4% rise in major bank stocks like Barclays and Lloyds.
하락 영향
- Financials — The surcharge on UK bank profits was raised from 3% to 6%, soaring the total corporate tax rate to 31% and increasing profitability deterioration and overseas exodus pressures for global financial firms like JPMorgan.
DYAX 전담 분석
The UK government's bank tax rate hike acts as a short-term downward pressure on banks' net profit and raises concerns over capital flight. The OBR estimated that about 190 million pounds in profits will move overseas.
However, because the hike was lower than expected and finalized as a 15-month temporary measure, uncertainty was resolved and bank stocks rebounded. Future additional tax reforms and the trend of global capital leaving the UK market are key points to watch.
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