🔗 Share this article JPMorgan Chase Boss Approves £3bn London Building After UK Government Commitments The head of JPMorgan signed off on a massive three billion pound new tower in the UK capital after assurances from British authorities about pro-business policies. The JPMorgan Chase CEO, the banking executive, gave final approval the headquarters project plan last Friday. Sequence of Events The Wall Street banking giant, that together with Goldman Sachs revealed substantial investment plans shortly following being spared tax increases in the UK government's recent budget announcement, only gave final approval recently. This approval followed a visit to the United States by a top business adviser, who conferred with Jamie Dimon to provide assurances about the government's policies. Budget Context The discussions took place shortly prior to the government revealed significant tax increases in a financial statement that spared the banking sector from increased charges, following intense lobbying from the banking community. "The investment ... would probably not have been announced if this budget had been regarded as anti-prosperity." Development Information On recently, JP Morgan revealed plans to develop a substantial headquarters in the docklands area, which will function as its new UK headquarters and accommodate more than half of its British workforce. The company highlighted that the development would rely on "favorable economic conditions in the UK". Financial Benefits The bank has indicated that the project could bring substantial economic value to the British economy over the coming half-decade. The Treasury chief expressed enthusiasm about the project, calling it a "significant demonstration of faith in the British economic prospects". Additional Context A source familiar with the development project noted that the investment choice was "the result of comprehensive analysis" and that "uncertainty remained whether banks were going to be facing higher charges before the financial statement". The banking executive remarked that the "UK government's priority of financial development has been a significant element in influencing our this decision". Related Developments Goldman Sachs announced that it would increase its Midlands operation and recruit additional workers, in a initiative that would significantly increase its employee numbers in the UK's second biggest city. The authorities had considered expanding the financial sector tax in the UK, as it considered ways to raise revenues after opting not to implement additional income levies, but finally concluded not to do so. Financial institutions in the UK currently pay a higher corporate tax level, that is higher than the normal rate, as well as a additional charge on their British operations.