Mark Garnier

Mark Garnier

Conservative — Wyre Forest

Speaking in the House of Commons on 10 November 2026

Debate

Financial Services and Markets Bill [Lords]

Contribution

The hon. Gentleman is absolutely right. It is incredibly important to remember that banks such as J.P. Morgan invest in the wider community, but Jamie Dimon has said that he is worried about uncertainty around the tax regime on banks in the UK. He has warned that if we are uncertain and increase the level of tax on banks, they will not invest another £300 million or so into Canary Wharf. That is the point: we have to be mindful of international competitiveness. It does not take much, when we are taxing close to 50% on banks, for them to change their mind and go to another financial services centre. However, the hon. Gentleman’s point is absolutely right: the value of international investment by banks in communities such as his is really important.

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