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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Mitsu, London EC2: ‘Determinedly fun and delicious’ – restaurant review | Grace Dent on restaurants

No spoilers, but I knew even before I’d reached for my chopsticks that Mitsu would be a vast improvement on its predecessor, because it has taken the place of Nobu Shoreditch in the under-gusset of the Aethos hotel, a Swiss-owned “lifestyle hospitality brand”, in east London. Nobu was gargantuan, moodily lit (that is, pitch black), woundingly expensive and terrifically hard to book, despite having something like 797 seats; it was also one of the most soulless London restaurants of the past 25 years. Nobu Shoreditch felt symbolic: it was where all the raffish hope of the 1990s YBA crowd and the early noughties electroclash heads went to die.But that was then, and now, in 2026, the Aethos crew has deftly brightened and lightened the mood of the room, making it actually cosy and adding a twinkly central bar; there’s an open robata kitchen and roomy booths, as well as a pretty Japanese garden. Mitsu calls itself an izakaya, which is what European restaurateurs always say when they mean the Japanese-influenced food isn’t too po-faced and you can get really tipsy on sake

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Benjamina Ebuehi’s recipe for Mexican-style vanilla bean flan | The sweet spot

I started the year in one of my favourite places: Mexico City. I’ve since become one of those annoying people who finds a way to bring it up in nearly every conversation, so please indulge me just this once! Each time I’ve been to Mexico, I develop a new fixation, and this year I ate a considerable amount of flan. It’s seen as a bit of a retro dish here in the UK, and perhaps a little divisive, but I love it.Mexican-style flan is typically made with condensed milk, giving it a gorgeous, silky, creamy texture. I’ve also added plenty of vanilla – brought back from my trip, of course

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How to match wine with vegetables

At a recent tasting, I got chatting to a winemaker from Australia’s Clare Valley as I bravely made my way through his wares: a ripe, leathery shiraz and a deep, dark cabernet sauvignon that put me in mind of blackcurrant bushes. These were serious wines – and good value, too. A generation ago, such gutsy New World reds were all the rage, but now, lamented the winemaker, gen Z was more interested in lighter, cooler-climate wines, lower on the alcohol and brighter on the palate.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link

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‘Restaurants won’t survive’: Michelin chef opens venues abroad to withstand UK taxes

A British Michelin-starred chef says he is opening restaurants abroad to subsidise his UK venues against a backdrop of high taxes and a struggling hospitality sector.Jason Atherton is now in Forte dei Marmi, on the Tuscan coast in Italy, where he is preparing his newest opening, Maria’s, which will be in the Principessa hotel. The Sheffield-born chef now has restaurants all over the world, including in Dubai and St Moritz.He said he was finding it easier to make a profit in countries with more forgiving policies towards restaurants, pubs and bars. “I am trying to sustain our business by opening abroad

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Rachel Roddy’s recipe for spring chicken thighs with spring onions, mint and peas | A kitchen in Rome

The weather lately has been as temperamental as peas in pods. But peas are even harder to read than the sky: some pods contain sweet things no bigger than peppercorns, which explode when you bite them; the contents of others, however, are closer to small ball bearings, their size very likely a sign that all the natural sucrose has been metabolised and transformed to pea starch. The best thing for the tiny ones is to snack on them alongside a bit of cheese, whereas the path for big ones is the same as for dried peas, so pea and ham soup or a long-simmered puree.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link