Following a contentious first month in office, JPMorgan Chase CEO Jamie Dimon stated that new governments “often have challenges” and that U.K. Prime Minister Liz Truss should be “given the benefit of the doubt.”
At the JPM Techstars conference in London on Monday, Dimon said, “It’ll take time to execute the policies and kind of drive growth and what’s important… [but] there’s a lot the U.K. has going for it and proper strategies to get it growing faster… then it can accomplish some of the other objectives it wants to accomplish too.”
I would like to see the new chancellor and prime minister succeed, he remarked.
Following a difficult few weeks for Truss’s government, Dimon made these remarks. On September 23, Finance Minister Kwasi Kwarteng unveiled a number of fiscal initiatives in a “mini-budget,” including unfunded income tax cuts and the cancellation of a planned corporation tax increase.
The value of the pound fell, and the yields on UK government bonds, or “gilts,” shot through the roof and haven’t yet stabilised.
Just 10 days later, the government decided to go back on its decision to eliminate the highest income tax category, which had a 45% rate for anyone making more than £150,000.
Every government ought to prioritise growth.
Every country should strive for growth, according to Jamie Dimon of JPMorgan.
Every time a president or prime minister speaks, Dimon added, “I would love to hear them talk about how every government should be working on growth.”
The speaker asserted that “growth comes from good tax policies, proper investment policies, uniformity of law… being attractive to foreign investment, being attractive to enterprises, and having strategy around industries.”