Paul Blomfield
Main Page: Paul Blomfield (Labour - Sheffield Central)AstraZeneca (Pfizer Bid)
Paul Blomfield ExcerptsUrgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.
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Vince Cable
That is a new one and I will reflect on it. It is probably an issue for my colleagues in the Department for Work and Pensions and for the Pension Protection Fund, but I thank my hon. and learned Friend for raising the issue and I will certainly follow it up.
Paul Blomfield (Sheffield Central) (Lab)
AstraZeneca has pointed out today that its profits could double over the next decade as a result of new drugs resulting from its investment in research and development. In contrast, Pfizer has a strategy of cutting dramatically its investment in research and development. What impact does the Secretary of State think that the takeover could have on UK research capacity?
Vince Cable
The hon. Gentleman is making an exaggerated contrast between the two companies, but he is right to say that AstraZeneca has an ambitious and attractive long-term investment plan. We have encouraged that as part of the industrial strategy, and we want to see it fulfilled.