Two major US financial institutions have committed to expanding their UK operations after the government chose not to raise bank taxes in the latest budget. The announcements are expected to boost both London and Birmingham’s economies.
JP Morgan plans to build a 3 million sq ft headquarters tower in Canary Wharf, representing a significant £3bn investment. The development will consolidate thousands of employees under one modern campus.
Goldman Sachs announced it will add 500 new employees in Birmingham, strengthening its long-term focus on technology, artificial intelligence, and digital finance.
The banking sector had opposed a proposed tax increase, warning that it could hinder lending and slow growth. Reports suggested the Treasury asked banks to issue supportive statements following its decision to keep taxes unchanged.
Government officials welcomed the investments, saying they reflect a strong endorsement of the UK’s strategy to foster economic growth and attract global corporations.