Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the London Borough of Tower Hamlet's Cabinet paper entitled JP Morgan Chase’s Canary Wharf Development and Memorandum of Understanding (MoU), of 27 March 2026, if he will place in the Library a copy of the final Memorandum of Understanding between her Department, the Greater London Authority and London Borough of Tower Hamlets on the business rates exemption for the proposed JP Morgan building in Canary Wharf; whether the programme has Subsidy Control consent; and what the gross cost of business rate relief is in each year to the public purse for each of the next 20 years.

The provision of business rates relief will be subject to a formal subsidy control assessment. The actual level of relief will be subject to the actual rates and liabilities incurred by the development and certain criteria being achieved. The level of total relief will be capped to protect the value for money this investment offers to the taxpayer.