The life sciences industry is among the brightest jewels in the British economy, generating £100billion a year and employing more than 300,000 people.
At its heart is the development and manufacture of pharmaceuticals, notably by AstraZeneca, which spends vast sums on research and is worth £167billion.
So, if this hugely successful company were to relocate to the US, it would be a disaster both for the London Stock Exchange and the wider economy.
Worryingly, this is not out of the question. AstraZeneca already sells 40 per cent of its drugs to America and, following President Donald Trump‘s tariff threat, is ramping up research and production there.
While there are no immediate plans to desert the UK, chief executive Pascal Soriot is said to be ‘flirting’ with the idea. Mr Trump’s latest demand that foreign drug companies cut prices to US customers or face penalties may be an added incentive.
The Left has always been highly critical of ‘Big Pharma’, accusing it of profiteering on the backs of NHS patients. Under Jeremy Corbyn, Labour planned to create a state-owned drug manufacturer with the power to override the patents which enable firms to make profits from their research.
Only last year, Sir Keir Starmer refused to help fund a new vaccine plant in Liverpool – while pouring public money into our ailing steel industry.
This Government must understand that failing to nurture AstraZeneca, GSK and others would be a catastrophic mistake. And Sir Keir should realise that while they say they want to remain in the UK, they may yet change their mind.
The life sciences industry generates £100billion a year and employs more than 300,000 people and at its heart is AstraZeneca which is worth £167billion
AstraZeneca already sells 40 per cent of its drugs to America and, following President Donald Trump’s (pictured) tariff threat, is ramping up research and production there
Last year, Sir Keir Starmer (pictured) refused to help fund a new vaccine plant in Liverpool – while pouring public money into our ailing steel industry
Car lenders off hook
Banks and credit providers will have heaved a huge sigh of relief yesterday after the Supreme Court ruled they will not have to pay compensation to millions of motorists who bought cars on finance without being told the dealers were receiving commission on the loan.
The Treasury was also delighted with the result. Had it gone the other way, damages could have been comparable to the PPI scandal, which destabilised the financial industry for more than a decade.
The court decided that dealers did not have a duty to act solely for buyers and that commissions were not a form of bribery in the legal sense, as had been alleged.
However, it was not a total exoneration. Court President Lord Reed also ruled that excessive commission payments were unfair and ordered one buyer who had been charged 25 per cent of the value of the car to be repaid with interest. This opens the way to further claims.
The dealers and lenders have escaped their worst fears, but they do not come out well. They have certainly been guilty of sharp practices even if not illegal ones. The Competition and Markets Authority must now force them to clean up their act.
A landmark Supreme Court ruling has delivered a blow to motorists after it sided with major lenders in the £44billion car finance scandal
Many brokers and dealers were paid behind-the-scenes commission by lenders to sign buyers up to car finance deals, a practice deemed ‘unlawful’ by the Court of Appeal in October last year – a decision that was successfully appealed by lenders at the Supreme Court
OAPs feel the cold
In September, Rachel Reeves promised she would ‘put more money in pensioners’ pockets’. What she didn’t say is that she would take even more out.
Research shows pensioner households are an average of £800 worse off after a year of Labour thanks to higher bills – mainly owing to the Chancellor’s £40billion Budget tax raid.
With more taxes coming down the track to fill Labour’s ever-widening financial black hole, the cost of living is set to soar further. For all Ms Reeves’ promises, the elderly are in for a bitter winter.
