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UK government to share JP Morgan bonus pot

The UK government is set to share in the £5.7 billion bonus pot announced by financial giant JP Morgan today. The authorities will take around £300 million from JP Morgan alone due to the introduction of the UK banking bonus tax. When you consider this could be replicated across the larger UK financial institutions when they also announce their bonus packages, the UK government could end up generating a lot more income than initially expected.

It is easy to forget that the UK financial sector generates billions of pounds a year in income tax, a figure which dwarfs the potential £300 million payment from JP Morgan alone. Even though the sector has come under attack from various organisations around the UK it is still a central part of the UK economy and one which needs to be nurtured in the longer term, even if the short-term situation is very different. If the UK economy is to recover strongly in the medium term we will need the financial sector to be firing on all cylinders.

Incidentally, it was interesting to see that JP Morgan does not appear to have given the UK banking bonus tax situation an awful lot of thought even if others are potentially suggesting a move overseas.

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