UK Windfall Tax on Domestic Banks Is Unfair, Dimon Says

Wonder if there's a may not involved in The UK budget, October 28. There's speculation that maybe they'll go for a a windfall tax on on banks again. How would that... If they do do... If the chancellor does go that route here in The UK, how would that reframe the way you look at The UK? You know, look. We've dealt with governments being inconsistent and... Well, I mean, you... The people should know we already pay... We've been paying till this windfall tax for twelve years. It lacks principle to be charging banks more than everybody else. It will raise the cost of capital, and it will have consequences. I'm not... That's not a threat. You always write that. Oh, he's ready. I'm not threatened. That is a fact. And, you know, I love The UK. I love the people here. I want The UK to succeed. That won't be the good part of it. That would just be another negative for people bringing capital to The UK. There's a debate or there's reporting suggesting they might just target the domestic banks. Would you would you welcome that? If it's just the domestic banks, you don't get hit. I... Look. I'm not in favor of things that lack principle. I think tax policy should be fair and consistent. And, you know, it's very easy to say, well, charge my friends over here. I just think that's wrong. You know, I I wouldn't be in favor of something like that either. I want to talk And the people, I don't really know, but this has the highest tax rate for banks probably mentioned in the world. And that, you know, your capital formation, investment, growth, that is what drives countries. You know, it's a mistake to think that somehow, you know, the politics may be great. You're hurting a big bank, but what drives growth is this... The financial system putting... Not just banks, you know, venture capital, probably putting capital with people, inventing things, creating productivity. And, you know, government should be quite careful to muck around with that. Company... Countries that have very good capital formation tend to have better growth. America. You know, countries in areas that don't have good capital formation have less growth. And when you have growth, it helps all of your citizens. It's not being done for the wealthy. It's being done for the country. So I'd have very thoughtful policies around taxes and regulations and how you wanna grow your country. Like I said, a lot of policy is free. It's not expensive to cut regulations and cut permitting and all the things that everyone you know about. You could talk to anyone in the street, and they know that all these things don't work. Why can't we just fix them? And that would drive growth.