Bank 'may scrap UK HQ plans over bonus tax'

Banking giant JP Morgan may scrap plans to build a new £1.5bn (€1.66bn) headquarters in London due to the British Government’s bonus tax and tougher City regulations, it was reported today.

Jamie Dimon, chief executive at JP Morgan, is understood to have expressed anger about the new 50% tax on bonuses in a telephone call with Chancellor Alistair Darling earlier this month.