Two of Wall Street’s largest banks have unveiled ambitious UK expansion plans just hours after the government confirmed that bank taxes would not increase. The developments mark a significant economic win for London and Birmingham.
JP Morgan is moving forward with a 3 million sq ft Canary Wharf tower, a £3bn project that will serve as its new UK headquarters. The building will accommodate thousands of employees and deliver a substantial economic boost through construction and supply chain activity.
Goldman Sachs also announced an expansion of its Birmingham operations, with 500 new hires planned. The growth is tied to increased investment in AI, digital infrastructure, and financing for critical sectors of the economy.
The banking sector had heavily opposed potential tax hikes, arguing that higher levies could stifle lending and dampen economic growth. Reports this week indicated that the Treasury asked banks to issue positive statements about the budget.
Government representatives welcomed the announcements as a major endorsement of the UK’s economic strategy. They emphasized that such investments show Britain remains a leading destination for global capital.