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Is JP Morgan leaving Glasgow?

Around 900 finance workers in Glasgow are this morning waking up to news and rumours that JP Morgan, the American financial giant, is potentially looking to scale back its UK operations. This comes only hours after the company admitted that a new international investment operation would be based in the US as a direct consequence of the ever-growing tax burden on UK financial companies. So is the UK taxation system pushing the likes of JP Morgan overseas?

While the company has refused to comment publicly upon the rumours it seems almost inevitable that the company will at least in the short term cut back on its UK investments. This is a direct consequence of the banking tax and the ongoing attack on the UK financial system and UK banks which began with the previous government. Many people warned that "demonising" the UK banking arena and financial sector would backfire in due course although unfortunately the previous government and the current coalition government seem to have underestimated the backlash.

Potentially, the standing of the UK financial arena on the international stage is at risk and the UK authorities will need to participate in high-level talks with the sector as a whole and potentially with individual companies looking at alternative arrangements.

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