JP Morgan's £3 Billion London Tower Tied to UK Tax Policy

JP Morgan's planned £3 billion Canary Wharf tower — to house over half its 23,000 UK staff — depends on what it calls a "continuing positive business environment." CEO Jamie Dimon warned Chancellor John Healey that higher bank taxes could cost City jobs, citing New York's finance-job losses. UK banks already pay 28% corporation tax versus the 25% standard rate.