JP Morgan has made a big bet on the UK after banks were spared from a tax raid.

JP Morgan is set to double down on the UK with plans to build its largest European presence through a new tower in Canary Wharf.

The US banking juggernaut said it intends to build a new 3m square feet tower in London, which will inject as much as £10bn over the next six years into the local economy.

The project is also expected to create an additional 7,800 jobs across construction and other local industries. Once finishes it will house up to 12,000 and serve as the bank’s main headquarters in UK and is biggest presence across Europe, the Middle East and Africa.

The banking giant said it already contributes near £7.5bn to the local economy and supports 38,000 jobs.

In October, the bank said it would inv

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