‘A bit of a relief’: a City trading floor reacts to Reeves’s budget

JPMorgan has announced plans to construct a new headquarters in Canary Wharf, London, which will be a significant 3 million square foot tower, reflecting the bank's commitment to its operations in the UK. CEO Jamie Dimon emphasized the importance of this development for the company's future in the city.

JP Morgan has announced plans to construct the largest office block in London, coinciding with expansion strategies from other major Wall Street banks following a budget announcement by the Chancellor of the Exchequer that did not impose tax increases on the financial sector.

Chancellor Rachel Reeves announced a budget that includes a £26 billion tax increase and the scrapping of the two-child benefit cap, aiming to address the UK's cost of living crisis. However, the Institute for Fiscal Studies (IFS) has warned that this strategy may be 'fiscal fiction', as it delays the financial impact until just before the next general election in 2029.

Chancellor Rachel Reeves has presented the UK Budget for 2025, which includes a £26 billion tax increase and increased welfare spending aimed at addressing the ongoing cost of living crisis. This budget is a significant move for the Labour government as it seeks to balance fiscal responsibility with the needs of citizens facing economic challenges.

Panelists at the Bloomberg Intelligence European credit market outlook conference in London expressed that concerns regarding the significant debt issuance from technology giants like Meta Platforms Inc. and Alphabet Inc. leading to an oversupply in the credit market are unfounded. They believe the market can absorb this influx of debt without major issues.

Chancellor Rachel Reeves's recent budget includes a tax break for wealthy former non-domiciled individuals, significantly reducing their inheritance tax liabilities. Experts indicate that this benefit primarily favors those with assets exceeding £83 million, raising concerns about equity in tax policy.

A major banking firm has announced plans to construct a new headquarters in Canary Wharf, with an estimated cost of £10 billion, which is set to be larger than the Shard. This development underscores the bank's commitment to expanding its presence in the UK market.

Businesses in Surrey have expressed mixed reactions to Chancellor Rachel Reeves' recent Budget, which includes significant reforms aimed at addressing the ongoing cost of living crisis. The Budget features a £26 billion tax increase and changes to welfare policies, which have sparked varied responses from local enterprises.