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Tory MPs have stepped up calls for the government to cut taxes after pharmaceutical giant AstraZeneca overlooked Britain for a new £320m drug factory.
Sir Pascal Soriot, the firm’s chief executive, said it wanted to build a new plant close to its existing sites in northwest England but “because the tax rate was discouraging” chose Dublin instead.
The UK’s corporate tax rate is due to rise from 19% to 25% in April, while a tax relief scheme for businesses is expected to end and energy support will begin to fall away.
Conservative MP John Redwood tweeted: “AstraZeneca’s decision to invest in Ireland not the UK because our tax rates are too high shows how damaging government tax policy is.
“High taxes destroy jobs and result in less tax revenue.”
Mr Redwood said the new science minister, Michelle Donelan, “needs to tell the Treasury she cannot do her job with high tax rates and additional taxes sending people and money abroad”.
Ms Donelan was appointed during Prime Minister Rishi Sunak’s shake-up of Whitehall this week, which included the creation of a new government department focused on science, innovation and technology.
The government has pledged to turn the UK into a “science superpower”, building on the UK’s COVID-19 vaccine successes.
But Matt Hancock, who was health secretary during the pandemic, said the move by AstraZeneca to build its factory in low-tax Ireland deals a blow to that ambition.
He tweeted: “This decision was completely avoidable. Across life sciences, data, AI, clinical trials & other industries of the future, we are squandering a lead, failing to capitalise on the global success of our vaccine programme.
“This is a massive wake-up call.”
Chancellor ‘disappointed we lost out this time’
Chancellor Jeremy Hunt today admitted he was “disappointed we lost out this time” in relation to AstraZeneca’s decision to snub the UK.
Speaking to broadcasters from a science facility in central London he said: “We agree with the…
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