JPMorgan CEO says UK government deserves the benefit of the doubt

Watch CNBC's full interview with JPMorgan's Jamie Dimon on the recession, market turmoil, Twitter and more

JPMorgan Chase Manager Jamie Dimon said new governments “always have problems” and that British Prime Minister Liz Truss should be “given the benefit of the doubt” after a turbulent first month in office.

“It will take time to execute the policies and create growth and what is important… [but] there’s a lot of things the U.K. has going on with it and real strategies to make it grow faster … then it can achieve some of the other goals it wants to achieve as well,” Dimon told CNBC’s Julianna Tatelbaum on Monday, where he spoke at the JPM Techstar conference in London.

“I want to see the new prime minister, the new chancellor, succeed,” he said.

Dimon’s comments come after a rough few weeks for the Truss administration. Finance Minister Kwasi Kwarteng announced a series of fiscal measures in a “mini-budget” on Sept. 23, including unfunded income tax cuts and the cancellation of a planned corporate tax increase.

Sterling plunged and interest on British government bonds, or “gilts,” was sent through the roof and have not yet returned to their pre-announcement levels.

The government then chose to overturn the decision to abolish top income tax – a rate of 45% for those earning more than £150,000 – just 10 days later.

‘Every government should focus on growth’

Growth should be the goal of every nation, according to JPMorgan’s Dimon.

“I think every government should focus on growth — I’d love to hear that from their mouths every time a president or prime minister speaks,” Dimon said.

“Growth comes from proper tax policies, from proper investment policies, coherence in legislation … being attractive to foreign investment, being attractive to businesses and having strategy around industries,” he said.

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