Plans have been announced for a new “landmark tower” in London with double the floor space of Britain’s tallest building, The Shard.

JPMorgan Chase unveiled details of the proposed office block after banks escaped having their taxes raised in the budget earlier this week.

The US multinational bank said the new building in Canary Wharf, in the east of the capital, would have a floor space of three million square feet. The Shard, in London Bridge, covers 1.3 million square feet.

However, the final design of the tower, including its height, is still being finalised.

A spokesperson for the firm told Sky News that they hoped to have clarity “soon” on how tall the building would be and the number of storeys. But it is expected to be one of the biggest office blocks in Europe.

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JPMorgan Chase boss Jamie Dimon reportedly signed off on the plans late last week.

It came after Sir Keir Starmer’s business envoy Varun Chandra flew out to New York to personally “offer assurances about the government’s business-friendly policies,” the Financial Times reported on Friday.

Image:
The Shard is the tallest building in western Europe. Pic: Reuters

The company also warned in a press release that its plans were “subject to a continuing positive business environment in the UK”, as well as planning permission from local authorities.

JPMorgan Chase said the project could contribute up to £9.9bn to the UK economy over six years, including by generating 7,800 jobs, many of them in the construction industry.

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The tower would house up to 12,000 people and serve as JPMorgan Chase’s main UK headquarters and its most significant presence in Europe, the Middle East and Africa.

The firm, which employs 23,000 people in the UK, said the tower would be “one of the largest and most sophisticated in Europe”.

The building is being designed by British architects Foster and Partners, known for landmarks projects including the new Wembley Stadium and London’s Millennium Bridge.

Mr Dimon said: “London has been a trading and financial hub for more than a thousand years, and maintaining it as a vibrant place for finance and business is critical to the health of the UK economy.

“This building will represent our lasting commitment to the city, the UK, our clients and our people.”

Mr Dimon added: “The UK government’s priority of economic growth has been a critical factor in helping us make this decision.”

Chancellor Rachel Reeves said she was “thrilled” about the announcement, while Mayor of London Sir Sadiq Khan said it represented a “huge vote of confidence in the capital’s future”.