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

The plans come as rival US investment bank Goldman Sachs announced it is going to double the number of staff employed at its Birmingham office.

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

Chancellor Rachel Reeves said the banks are “choosing Britain because they like what they heard in the Budget”.

JP Morgan Chase, one of the world’s biggest banks, said the new building will be three million square feet and house 12,000 of its staff.

It is earmarked to be the business’s UK headquarters and its most sig

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