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AztraZeneca snubs the UK over its 'discouraging' taxes by building new £330million plant in Ireland
When will the treasury change direction over tax? AztraZeneca snubs the UK over its 'discouraging' taxes by building new £330million state-of-the-art plant in Ireland
AstraZeneca criticised the high cost of doing business in the UK, saying 'discouraging' taxes were why it was building a plant in Ireland and not here.
https://www.dailymail.co.uk/news/article-11734109/AztraZeneca-snubs-UK-discouraging-taxes-building-new-330million-state-art-plant.html
AstraZeneca criticised the high cost of doing business in the UK, saying 'discouraging' taxes were why it was building a plant in Ireland and not here.
https://www.dailymail.co.uk/news/article-11734109/AztraZeneca-snubs-UK-discouraging-taxes-building-new-330million-state-art-plant.html
Comments
One minute, they are in a joint partnership with Oxford Uni, working their buns off to provide a solution to a pressing problem. Then we ditched them for the shiny American Pfizer/Moderna vaccines.
Don't get me wrong. They did all that stuff for commercial reasons. But being dropped like a bowl of cold sick wasn't going to help.
There are always people who will offer more cash, and/or lower taxes, and/or no minimum wage thus lowering costs. It is necessary to balance the costs and potential benefits.
Not just believe the CEO with the vested interest.
If you want to push most of these drugs in the EU, you would build it in Continental Europe. Not right on the edge. Logistically, most of the product will be for the UK & Ireland.
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Why should Astrazenica put a new factory in UK when Brexit has meant that the European medicines agency has been closed down in London and relocated to Amsterdam, together with most of the qualified experts. Add to that all the Brexit caused extra red tape exporting to th EU , problems of getting qualified staff from the EU and you have a very good reason to put it in the EU itself. Low corporation tax is not the only reason Ireland is a favoured country to put you factory in.
Your article also stated that Britain lacks regularity experts in the medicines area. Hardly surprising when Brexit meant that the Europeans Medicines Agency was removed from London and sent to Amsterdam together with most of its experts. Why should Astrazenica put a factory in Britain when most of its business is in EU countries and Brexit red tape has made it so difficult to export and import and get qualified staff to work in UK.
Spot on - AstraZeneca are reported as saying that further investment in the UK would be dependent on their not being a "hard" Brexit - we now have divergence rather than convergence with EU regs and this is the result - I only hope that the many people I see picking up a copy of this "newspaper" will have done the requisite research into the position that we now find ourselves - but I doubt it.
This is a circular argument. Why has the government raised taxes? To make up for lost tax revenue caused by Brexit , esrtimated at 40 billion per year, and to increase the increased cost of servicing the national debt after the Truss moron min budget caused interest rates to rocket. So due to Brexit and Truss taxes have to increase to pay the bills. Anyone causing for tax cuts, predominantly the right wing commentators who also supported Brexit, are disingenuous, liars or economically illiterate.
Irish corporation tax rate hasn't changed, so that wasn't the deciding factor. The thing that has changed is that brexit has turned from an endless series of positive assertions into the steaming pile of brexit it was always going to be.