JP MORGAN is one step closer to building London Docklands’ tallest tower after striking a deal with City Airport.
The Wall Street giant is now preparing a planning application for its £3billion UK HQ.
The proposed skyscraper would be 265 metres high — 30 metres taller than One Canada Square, the current king of the Canary Wharf skyline.
It would rank among the tallest office buildings in Europe.
Talks with London City Airport had centred on safety and height limits because the site sits within the airport’s safeguarding zone.
Those discussions have now ended with an agreement.
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JP Morgan’s planned headquarters would cover 279,000 square metres and house more than half of its 23,000 UK staff, underlining the bank’s long-term bet on London.
Council documents show the bank has asked the Government for a discount on business rates to help get the project over the line.
That relief could be worth hundreds of millions of pounds over time.
Critics will question why a bank that last year made $57billion (£43billion) needs taxpayers’ help for a flagship tower.
But JP Morgan argues the development will bring in almost £10billion for the UK economy over six years and create 7,800 construction jobs.
BID’S TO TUNE OF £48BN
US hedge fund manager Bill Ackman has launched a £48billion cash-and-shares bid for Universal Music Group.
His firm, Pershing Square, says the entertainment giant’s shareholders would get £3.81 in cash and 0.77 shares in a new business, formed by a merger of Universal Music and a new shell company.
Shares are down at Universal Music after it last month put off moving its Dutch listing to the US, amid market volatility.
But the bid will likely spark scrutiny over the fate of catalogues from stars like The Beatles, Queen, Adele, and Taylor Swift.
MADE HARDER
BRITAIN’S under-pressure manufacturers are being hit with a near £1billion annual rise in business rates from this month.
Industry body Make UK said firms face a brutal “triple whammy” of higher taxes, power costs and employment expenses.
It warned companies could be forced to cut jobs, with as many as 25,000 roles at risk.
The group says bigger sites unfairly attract bigger bills, even for smaller firms.
A SLOW BUILD
NEW construction work has slumped as war in the Middle East and a weak economy rattle confidence, builder Glenligan has said.
Projects starting on site dropped by 17 per cent in the three months to March compared with the previous quarter, while housebuilding was down 13 per cent.
Glenigan said the sector faced disrupted supply chains, volatile markets, rising energy costs and fears over interest rates.