£3 billion development in Canary Wharf
Tower Hamlets Council's Cabinet approved a Memorandum of Understanding in March 2026 for a £3 billion development in Canary Wharf.
Tower Hamlets Council's Cabinet approved a Memorandum of Understanding (MOU) with JP Morgan Chase in March 2026 for a £3 billion development in Canary Wharf. This agreement aims to create 3 million sq ft of office space and accommodate up to 12,000 employees, with an estimated £9.9 billion injection into the UK economy.
The MOU explores a business rates incentive mechanism, potentially through an Enterprise Zone or the Business Rates Retention Scheme. Early modelling suggests this could return £1 billion to £1.6 billion over a 25-year period through retained business rates.
Key facts
- Tower Hamlets Council's Cabinet approved an MOU with JP Morgan Chase on March 27, 2026. Source
- The development is a £3 billion project in Canary Wharf. Source
- It is expected to create 3 million sq ft of office space and accommodate up to 12,000 employees. Source
- The MOU explores a business rates incentive mechanism. Source
- Early modelling suggests a return of £1bn-£1.6bn over a 25-year period. Source
About this summary
This summary was written automatically from our published stories and the council meeting records they draw on. 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.