JP Morgan could scrap £3bn London HQ if Starmer is replaced by PM ‘hostile to banks’

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The boss of JP Morgan, Jamie Dimon, has warned he could scrap plans to build a new £3bn UK headquarters in London if Keir Starmer is replaced by a new Labour prime minister who is hostile to banks.JP Morgan revealed plans last November to build the tower in Canary Wharf, hours after lenders were spared tax hikes in Rachel Reeves’s autumn budget following strong lobbying by the banking sector.Dimon said the US bank could look past the current political instability around Starmer’s future in No 10, which has roiled bond markets and sent domestic bank shares plunging.However, he warned that plans to build the bank’s new HQ – which will house more than half of its 23,000 UK staff – could be reversed if a new leader were to target lenders.He told Bloomberg TV during an interview in Paris on Tuesday that construction plans would be threatened “not [by] political instability, but if they become hostile to banks again”.

“I’ve always objected to the fact … we paid probably $10bn in extra taxes by now,” he added.“I don’t think that’s right or fair.If that happens too much we will reconsider.”It is understood that Dimon was referring to the UK’s decision to target banks with two sector-specific taxes as a result of the 2008 financial crisis: the bank surcharge, which is a tax on bank profits, and the bank levy, which applies to certain parts of lenders’ UK balance sheets.Dimon has publicly praised Starmer and Reeves in the past, and said on Tuesday that Starmer was a “smart guy”.

However, JP Morgan stressed in November that the Canary Wharf tower plan would depend on “a continuing positive business environment in the UK”.Questions were recently raised about the financial inducements the company has sought from the UK government to build the skyscraper.JP Morgan has requested a discount on its business rates, according to documents produced by Tower Hamlets council, despite having reported a net income of $57bn (£43bn) in 2025.The current political turmoil has ruffled feathers in other corners of the City, with one investment banking source telling the Guardian that stock market flotations “could be derailed” by a leadership fight.“If you’re planning for an IPO, for example, you need stability in the markets … There’s been talk of a number of IPOs coming down the track in the UK, and that gets derailed in situations like this.

”They added that there had been “quite positive signals from the City” about Reeves’ plans to generate growth, “so for anything to be derailed at this point would be damaging”.“The worst thing at the moment would be going through another messy leadership race,” the source said, adding that “we don’t want to see what we experienced with the previous government” – a reference to the Conservative party’s rotating cast of prime ministers.
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How to make arancini – recipe | Felicity Cloake's Masterclass

Before I wrote this recipe, it hadn’t occurred to me that the word “arancini” means “little oranges”, and, plump, round and golden as they are, it makes sense, too. Indeed, these robust rice balls, which are said to have come to Sicily with Arab invaders in the 10th century, are now, according to the late Antonio Carluccio, the local equivalent of a sandwich lunch.Prep 25 min Cook 45 min Makes 8 large ballsFor the risotto700ml chicken stock, or vegetable stock100ml white wine (optional)250g short-grain rice (eg, arborio)½ tsp salt, plus extra to season1 very generous pinch saffron (optional)50g parmesan, or grano padano or vegetarian alternative, gratedBlack pepperFor the arancini2 eggs plus 1 egg yolk100g mozzarella, drained and cut into chunksOptional other fillings of your choice – meat ragu, pesto, sauteed mushrooms, wilted or defrosted greens170g plain flour 250g fine dried breadcrumbs (preferably not panko)Neutral oil, for fryingFlaky sea salt, to finish (optional)Risotto is a northern Italian dish, so Sicilian arancini weren’t designed with it in mind, but they are great vehicles for risotto leftovers. My recipe is intended for 700g cooked rice, but adjust the fillings and coating according to what you have; these are also a great way to repurpose small amounts of ragu, cooked vegetables, fish or meat.If you’re cooking the rice from scratch, put the stock and wine (or substitute 100ml extra stock, if you prefer) in a medium pan and bring to a boil – I like chicken stock, because I find it the most neutrally savoury, but use whatever suits the fillings you’re using

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Navel gazing: oranges, mandarins and persimmons top Australia’s best-value fruit and veg for May

“Sweet, low seed and great for snacking” imperial mandarins have just started their season, says Josh Flamminio, owner and buyer at Sydney’s Galluzzo Fruiterers. The tangy-sweet citrus is selling for between $2.99 and $3.99 a kilo in major supermarkets. At Galluzzo, Queensland-grown imperial mandarins are $3

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Australian supermarket sauerkraut taste test: one is ‘like eating the smell of McDonald’s pickle’

It’s ‘Gut Coachella’ for Nicholas Jordan and friends, who blind taste a line-up of 20 shredded and fermented cabbage productsIf you value our independent journalism, we hope you’ll consider supporting us todayGet our weekend culture and lifestyle emailI cannot tell you how many times I’ve been introduced to a fatty, salty hunk of meat and thought, “my god, I’m going to need a pickle”. I feel the same eating cheese toasties or deli sandwiches with rich mayo-based sauces. Where is the pickle, hot sauce, citrus or ferment? Even the most savoury, juicy slab of umami is a bit much without acidity to balance it.What is the point of sauerkraut without acidity? It’s just wet, salty cabbage, and what is that for, other than deflating my spirits and inflating my gastrointestinal system? Sauerkraut should be sour; it’s the hallmark of the very thing that created it – fermentation.Why am I saying all this? After eight friends and I tasted 21 supermarket sauerkrauts, I was shocked to find some lacked not just acidity but any vigour at all

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Spring soup and bean and cheese quesadillas: Thomasina Miers’ Mexican-inspired seasonal recipes

I have always loved the evident (though not proven) link between how foodie a country is and its love of soups. In Mexico, where nose-to-tail eating is a given, broths maintain a steadying presence in any self-respecting cantina, and soups are commonplace on most menus. We don’t eat a crazy amount of meat at home, but having homemade stock in the freezer is an ingenious fast track to flavour and goodness. Here, whether your stock is chicken or vegetable, homemade or shop-bought, the joy is in the gentle spicing, a scattering of herbs, zingy tomatillos and some lovely spring leaves.There are so many different herbs in Mexico that are impossible to find here, so I’ve used bundles of more common soft herbs to try to capture the lovely breadth of flavour in this soup

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Willy’s, Margate, Kent: ‘It chortles in the face of small plates’ – restaurant review | Grace Dent on restaurants

This cute and jovial eatery is reason enough to make a break for the coastAs summer looms, and with it the urge to stampede towards the edges of Britain in search of paddling opportunities, I proffer another coastal dining idea: Willy’s in Margate – and, yes, that name does have about it something of the naughty seaside postcard. Tucked away in the back of Margate House hotel on Dalby Square, a few minutes’ walk from the seafront, Willy’s is a blur of frilly red-and-pink seaside adorableness. It’s cool, cute and jovial, with pork scratchings and apple chutney on the menu, as well as black pudding scotch eggs, sticky toffee pudding and Sunday lunches of beef rump and baked cauliflower cheese. This menu is short, intentional and hearty, rather than airy-fairy, and it chortles in the face of small plates.But, for the foodie/sippy crowd, the signifiers are all here: there’s a paper plane and a penicillin on the cocktail menu, throwbacks to New York’s iconic Milk and Honey bar

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Why sweet, chewy dates go perfectly with chocolate – and the best ones to try

I first cemented the allure of the “chew” aged 14, working illegally as a chambermaid (I lied about my age) and finding a guest’s Gummy Bears laid open – a breach I heavily exploited. Recently this chew need has been sated by dates and their use in chocolate as a healthy caramel. Dates do have nutritional benefits over mere sugar: fibre, minerals, antioxidants and make a great pre-workout boost.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link