JP Morgan Chase
Tower Hamlets Council is progressing a £3 billion development with JP Morgan Chase in Canary Wharf.
Tower Hamlets Council's Cabinet approved a Memorandum of Understanding with JP Morgan Chase in March 2026 for a £3 billion development in Canary Wharf. This project is expected to create three million square feet of office space and accommodate up to 12,000 employees.
The agreement aims to secure this investment by exploring a business rates incentive mechanism, potentially through an Enterprise Zone or the Business Rates Retention Scheme. Early modelling suggests a return of £1 billion to £1.6 billion over a 25-year period for the council, with a report to the Cabinet stating the project could inject an estimated £9.9 billion into the UK economy.
Key facts
- Tower Hamlets Council's Cabinet approved a Memorandum of Understanding with JP Morgan Chase on March 27, 2026. Source
- The proposed development in Canary Wharf is valued at £3 billion. Source
- The project is expected to create approximately three million square feet of office space. Source
- The development could accommodate up to 12,000 employees. Source
- Early modelling suggests a return of £1 billion to £1.6 billion over 25 years. Source
About this summary
This summary was written automatically from our published stories and the council meeting records they draw on, with background from Wikipedia. It describes what councils have discussed and decided; it does not take a view on any decision. Each key fact links to the story it comes from. Updated 30 September 2026. Spotted a mistake? Email community@opencouncil.network.