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The boss of America's largest bank has warned the Chancellor against a tax raid on the financial sector ahead of his first Budget.

Jamie Dimon reportedly told John Healey in a call last week that higher taxes risk driving firms out of Britain, after he successfully lobbied against Rachel Reeves' previous plans to introduce a bank levy last year.

It comes amid growing fears Healey will need to raise taxes at October's Budget to fund Andy Burnham's spending spree, with one option available being to raise the bank levy or corporation tax surcharge.

The Wall Street boss reportedly told Healey any windfall levy would be unwelcome, pointing to a decline in finance roles in New York that he blamed in part on the city's tax burden, the Financial Times reported.

The exchange comes amid mounting concerns over the exodus of firms from the London stock market, as some choose to delist and others are taken over by foreign firms.

Warning shot: JP Morgan boss Jamie Dimon reportedly told Healey higher taxes risk driving firms out of the UK

Dimon also reportedly told the Chancellor the only way to solve the UK's economic challenges was 'through good policy', but one person familiar with the exchange told the FT the comments were not specific to the UK.

It is one of many warnings Dimon has issued the UK government in recent years, having last month warned Burnham that higher taxes would have 'adverse consequences' and reiterating his threat to scrap JP Morgan's London HQ.

'I mean, it may sound great, 'tax the banks', but it's $5billion that my shareholders paid on that extra tax,' Dimon told the Master Investor Podcast with Wilfred Frost in July.

'I just think things like that have adverse consequences.'

Dimon, who has led JP Morgan since 2006, also warned against changes to the current system, which sees banks pay a 28 per cent corporation tax compared to the standard 25 per cent.

'If you have an uncompetitive tax system, capital leaves your country,' he said.

'And if capital leaves your country, it goes to other countries. And you see that now. You see, what is it? How many companies have delisted from London in the last couple of years?

'I wouldn't want to see that if I was running a country.'

Higher interest rates have pushed bank profits higher in recent years, sparking fears they could become a target in the next Budget.

The Trade Union Congress has called on the Chancellor to increase the surcharge paid by banks to help ease the cost of living.

He also told the podcast that any changes to the tax regime could scupper the bank's plans to build a new skyscraper in London – which is expected to cost £3billion to build and be home to 12,000 employees.

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