In a notable pushback to UK tax policy, JPMorgan CEO Jamie Dimon reportedly warned Chancellor John Healey in a phone call against raising bank earnings taxes or a windfall levy, arguing higher taxes would drive jobs and capital abroad, citing historic declines in finance roles in New York due to tax burdens.

Advocacy for a stronger windfall tax remains strong among unions and campaigners, with calls to lift the levy from 3% to as much as 8% to raise roughly £9 billion over four years.

Dimon has repeatedly argued that an uncompetitive UK tax framework could lure capital overseas and harm the economy, criticizing the 3% windfall levy and other surcharges.

Campaign group Positive Money argues current profit levels could sustainably support a higher tax to fund government spending in the October budget.

The discussion unfolds as the financial services sector gears up for a major lobbying drive ahead of the forthcoming Budget.

Healey will deliver his first Budget on October 28, with pressures to fund devolution, bolster defence, and ease cost-of-living pressures, including energy VAT cuts and business rate relief for pubs.

Healey plans to meet with bank executives in the coming days as part of consultations ahead of the Budget, amid ongoing debate over a bank tax and windfall levies.

As Healey prepares for his October Budget, the question of a higher bank windfall tax remains central, with various groups pressuring for increased levies to fund Treasury needs.

Campaigners estimate a windfall tax on UK lenders could raise around £19 billion to support cost-of-living measures.

Paul Nowak of the Trades Union Congress has urged wealthier banks to contribute more amid high heating bills and robust bank profits.

The government, under Chancellor Burnham, weighs higher bank levies as it prepares the autumn Budget amid strong sector profits.

Healey and Burnham have not publicly commented on a bank tax proposal, though calls for higher levies persist from union leaders and campaigners.