JP Morgan Chase has unveiled plans to build a tower in London’s Canary Wharf in an estimated £10billion boost to the UK.

The banking giant’s plans come as rival Goldman Sachs revealed it will double the number of staff at its Birmingham office in the ‘coming years’, from around 500 to more than 1,000.

The fresh commitments to their businesses in the UK come a day after the Budget, in which banks escaped tax rises that many in the industry had feared.

Rachel Reeves said the banks were ‘choosing Britain because they like what they heard in the Budget’. 

Ahead of the Budget, the Chancellor reportedly asked banks to praise her plans after she decided against raising taxes on the industry.

This raised eyebrows in the City. Veteran banker Ken Costa, former chairman of Lazard International, said ‘no credible business person has been prepared to endorse this Budget’.

JP Morgan Chase said the new building will house 12,000 of its staff, and take six years to build.

Chief executive Jamie Dimon said: ‘This building will represent our lasting commitment to the City, the UK, our clients and our people.’