UK Windfall Tax on Domestic Banks Is Unfair, Dimon Says

• Dimon states that banks have been paying a 'windfall tax' for 12 years and the proposed new tax lacks principle.
• He warns that a windfall tax would increase the cost of capital and have negative consequences for the UK economy.
• Dimon emphasizes that capital formation, investment, and productivity drive growth, and governments should be careful not to impede these factors with inconsistent tax policies.

Jamie Dimon, CEO of JPMorgan Chase, criticizes the potential UK windfall tax on banks, stating it 'lacks principle' and would raise the cost of capital. He argues that UK banks already face high taxes and such policies deter investment and hinder economic growth, ultimately harming all citizens.