Responding to AstraZeneca’s criticism of the cost of doing business in the UK, Rt Hon David Jones MP, a Fellow at the Centre for Brexit Policy said:
“Low-tax economies are the most successful and attract inward investment.
“Ireland has a corporation tax rate of 12.5%, while the UK’s rate very shortly will be double that.
“It is entirely understandable that international pharmaceutical companies like AstraZeneca should choose to locate in Ireland rather than the UK for so long as that disparity continues.
“Ireland’s low tax policy has made it a highly attractive destination for international companies seeking to relocate or establish new enterprises, and sadly this is now happening at the expense of the UK.
“AstraZeneca is a world leader in the field of life sciences, which the Government rightly considers an area in which the UK has particular strengths. The Chancellor must take AZ’s decision as a warning.
“He should take the opportunity of his Spring Budget to ensure Britain doesn’t miss out on further inward investment. That means reconsidering his decision to increase corporation tax in April.”
ENDS
Click here to read our report on The Case for Low Corporate Taxation.