‘The City can’t be taken for granted’: how banks won over Rachel Reeves

JP Morgan and Goldman Sachs to expand UK presence after sector was spared from higher taxes in budget

Over canapés of beef and stilton pie, bone marrow gravy and mushy peas, the financiers at JP Morgan’s New York headquarters held their champagne flutes aloft for a toast: “His majesty the king.”

Just days before Rachel Reeves’s budget – amid the chancellor’s efforts to soothe business fears and bond market jitters – Jamie Dimon, the Wall Street banking company’s boss, was hosting a birthday celebration for King Charles at its new $3bn (£2.3bn) Manhattan headquarters.