Two of America’s top financial institutions have confirmed major UK expansion plans after the government decided against raising banking taxes. The announcements mark a significant win for Britain’s financial and technology sectors.
JP Morgan is set to build a 3m sq ft headquarters in Canary Wharf, a long-term £3bn investment that will consolidate thousands of employees in a single, modern complex.
Goldman Sachs will hire 500 new staff in Birmingham as part of its wider ambition to grow its technology, AI, and digital operations. The expansion will significantly increase its presence in the Midlands.
Banks had lobbied heavily against potential tax increases, arguing that additional levies could harm lending and undermine economic recovery. Reports indicated the Treasury sought supportive public comments following its decision to keep taxes unchanged.
Government leaders praised the investment announcements, saying they reflect strong international confidence in the UK’s economic direction and business environment.