Julian Huppert
Main Page: Julian Huppert (Liberal Democrat - Cambridge)Department Debates - View all Julian Huppert's debates with the Scotland Office
(10 years, 7 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Dr Julian Huppert (Cambridge) (LD)
Q14. The Pfizer bid for AstraZeneca is driven by tax advantages. Has the Prime Minister spoken to the US Government about whether they propose any changes to their tax law, and has Pfizer asked for any changes to our tax system, particularly to the patent box?
The Prime Minister
In its letter to me, Pfizer mentions the patent box as a positive reason for wanting to invest in Britain and for examining whether it could increase manufacturing in Britain. Of course, because of the way the patent box works, you only get the low-tax benefit if you make your investments and do research in the UK, and then exploit that research by manufacturing in the UK. I agree with the hon. Gentleman that we should be incredibly hard-headed about this. It is an advantage that Britain is a low-tax country. We used to stand in this House of Commons and bemoan the fact that companies were leaving because of our high taxes. They now want to come here because of our tax system. I agree with the Business Secretary that that is not enough; we want the investment, the jobs and the research that comes with that competitive tax system.