JP Morgan has criticised the Budget increase in the UK bank surcharge, saying it is unfair to “single out” banks and “lacks principle”. The surcharge will temporarily double from 3% to 6% for 15 months from January to support energy bills; with corporation tax at 25%, the total rate for the sector reaches 31%, the highest since at least 2015. JP Morgan reportedly faces an extra £100m to £150m. The OBR estimates the higher rate will raise an extra £1.5bn, but roughly £190m of UK profits could move out of the country. Bank shares rallied because the increase was smaller than the feared 8% and time-limited, with Barclays up 3.2% and Lloyds and NatWest up closer to 4%.
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▼ Likely negativeJPMorgan Chase
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Financials |
| Industry | Diversified Banks |
| Market cap | $894.6B |
| Close on 10/27/2026 | 335.79 |
| Change that session | +0.52% |
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