Jamie Dimon personally warned UK Chancellor John Healey against raising taxes on bank profits ahead of the October 28 Budget, arguing that higher levies could drive investment, capital and jobs overseas and undermine the government's growth plans. In a phone call, the JPMorgan chief pointed to the decline in New York finance jobs as a cautionary example he partly attributed to tax burdens, while saying Britain should focus on growth and sound policy rather than penalizing lenders. The intervention lands as speculation builds that Prime Minister Andy Burnham's Labour government could impose a windfall tax on UK banks or raise the existing bank surcharge to help fund cost-of-living measures and other spending priorities. Campaigners estimate a windfall levy could raise as much as £19 billion, while the Trades Union Congress has called for lifting the surcharge from 3% to at least 8%, which it says would raise £9 billion over four years. UK lenders already pay a 28% corporation tax rate, above the standard 25%, as well as a separate levy on their balance sheets. Dimon has repeatedly opposed the post-crisis bank surcharge, saying it unfairly punishes firms that did not cause the 2008 financial crisis, and warned that an uncompetitive tax regime can push capital out of a country. He said on the Master Investor Podcast that if the government chose to increase taxes on banks, "it will over time cause decisions to be made that they may not like." The debate has sharpened as Healey, appointed last month and preparing his first Budget, faces pressure to finance devolution plans, increased defense spending, lower VAT on energy bills and reduced business rates for pubs while sticking to fiscal discipline and existing rules.