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Sir David Barnes, former chief executive officer of AstraZeneca, told us both that while companies should manage their tax affairs efficiently, it should not have been the driving force for Pfizer’s proposed takeover of AstraZeneca because it was
“a narrow basis on which to build an enduring and constructive business partnership.”
Does the Business Secretary agree with that general principle in respect of the takeover of important British companies?
Sir David Barnes, former chief executive officer of AstraZeneca, told us both that while companies should manage their tax affairs efficiently, it should not have been the driving force for Pfizer’s proposed takeover of AstraZeneca because it was
“a narrow basis on which to build an enduring and constructive business partnership.”
Does the Business Secretary agree with that general principle in respect of the takeover of important British companies?
Yes, I do agree with that, and I made that very clear at the time. I think that the response of the Government, as well as of the shareholders of AstraZeneca, was a factor in persuading Pfizer not to pursue that bid.
Yes, I do agree with that, and I made that very clear at the time. I think that the response of the Government, as well as of the shareholders of AstraZeneca, was a factor in persuading Pfizer not to pursue that bid.
Yes, I do agree with that, and I made that very clear at the time. I think that the response of the Government, as well as of the shareholders of AstraZeneca, was a factor in persuading Pfizer not to pursue that bid.
Sir David Barnes, former chief executive officer of AstraZeneca, told us both that while companies should manage their tax affairs efficiently, it should not have been the driving force for Pfizer’s proposed takeover of AstraZeneca because it was
“a narrow basis on which to build an enduring and constructive business partnership.”
Does the Business Secretary agree with that general principle in respect of the takeover of important British companies?
The tax avoidance mechanism—tax inversion—that Pfizer sought to use through that takeover has been one of the main driving forces behind this year’s surge in cross-border deals. However, this week US Treasury Secretary Jack Lew said the Obama Administration would crack down on inversions pending further action by Congress. Does the Business Secretary share my concern that if we see takeovers of British firms being primarily driven by the desire to avoid US tax, there is a real risk of a large flight of capital back to the US when the threatened crackdown comes, leaving important UK companies high and dry?
The tax avoidance mechanism—tax inversion—that Pfizer sought to use through that takeover has been one of the main driving forces behind this year’s surge in cross-border deals. However, this week US Treasury Secretary Jack Lew said the Obama Administration would crack down on inversions pending further action by Congress. Does the Business Secretary share my concern that if we see takeovers of British firms being primarily driven by the desire to avoid US tax, there is a real risk of a large flight of capital back to the US when the threatened crackdown comes, leaving important UK companies high and dry?
Again, I agree with the hon. Gentleman’s basic proposition. As it happens, much of the alarm that was raised some months ago about large American companies taking over British companies or British-based companies on the back of those tax provisions have proved wholly unfounded. He is quite right that takeovers, although they are generally beneficial to the UK economy, should not be driven by artificial short-term tax considerations.
Again, I agree with the hon. Gentleman’s basic proposition. As it happens, much of the alarm that was raised some months ago about large American companies taking over British companies or British-based companies on the back of those tax provisions have proved wholly unfounded. He is quite right that takeovers, although they are generally beneficial to the UK economy, should not be driven by artificial short-term tax considerations.
Again, I agree with the hon. Gentleman’s basic proposition. As it happens, much of the alarm that was raised some months ago about large American companies taking over British companies or British-based companies on the back of those tax provisions have proved wholly unfounded. He is quite right that takeovers, although they are generally beneficial to the UK economy, should not be driven by artificial short-term tax considerations.
The tax avoidance mechanism—tax inversion—that Pfizer sought to use through that takeover has been one of the main driving forces behind this year’s surge in cross-border deals. However, this week US Treasury Secretary Jack Lew said the Obama Administration would crack down on inversions pending further action by Congress. Does the Business Secretary share my concern that if we see takeovers of British firms being primarily driven by the desire to avoid US tax, there is a real risk of a large flight of capital back to the US when the threatened crackdown comes, leaving important UK companies high and dry?