London’s biggest office block is being built in Canary Wharf – twice the size of the Shard

Some people might say that London already has more than enough gargantuan office buildings. But the people at JP Morgan Chase would beg to differ, because they’ve just announced plans to build Britain’s biggest ever tower block. 

If the idea of 12,000 extra bankers descending on the capital fills you with horror, look away now. Everyone else, read on. The global banking giant has said it wants to build a three million square-foot (280,000 square-metre) skyscraper in Canary Wharf, which would have double the space of Britain's current tallest building, the Shard. With the space for thousands of extra employees it will become the bank’s biggest presence in Europe, the Middle East and Africa (EMEA). It will also be the most expensive office building in London, and one of the largest in Europe. 

Announced just days after the Budget, JP Morgan Chase claimed the new block would boost the UK’s economy by £1 billion. The design of the building, including its height, is yet to be finalised, however JP Morgan Chase along with architects Foster + Partners have revealed a render of what the jumbo tower could look like (pictured above). 

Construction is expected to take place over the next six years, generating 7,800 jobs across construction and other local industries. Its location will be on Riverside South, on land JP Morgan bought in 2008 but then had to suspend any building projects due to the financial crisis. 

Chief executive of JP Morgan Chase Jamie Dimon said: ‘London has been a trading and financial hub for more than a thousand years, and maintaining it as a vibrant place for finance and business is critical to the health of the UK economy.

‘This building will represent our lasting commitment to the city, the UK, our clients and our people. The UK government’s priority of economic growth has been a critical factor in helping us make this decision.’

The chief executive of Canary Wharf Group (CWG) called the choice to build the tower there a ‘defining moment’ for the finance district. 

Chancellor Rachel Reeves called the move a ‘multi-billion pound vote of confidence in the UK economy’. Speaking to BBC Radio 4 Today's programme, she added: ‘Companies can invest anywhere – they are choosing Britain because they like what they heard in the Budget.’

The towers are coming: a gigantic 54 storey skyscraper is set for Canary Wharf. 

Plus: a massive 31-storey tower has been approved for the City of London next to the Walkie Talkie.