AstraZeneca (Pfizer Bid)
Debate between Tim Loughton and Vince CableUrgent 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
I am sure that is right. As a country, we have made great advances in taking a mature approach to foreign ownership, and a key turning point was when I was an adviser in my Department—I do not claim cause and effect—in the late 1970s and the issue of Japanese investment first arose. The Government of the time decided it was in the national interest. It broke a taboo, and foreign investment has been of great benefit to this country.
Tim Loughton (East Worthing and Shoreham) (Con)
It is odd that the Secretary of State questions the sustainability of the favourable tax regime in the UK, because it is precisely down to this Government’s progressive tax reform that overseas businesses want to invest and innovate in the UK. Glaxo is not the only player, although it is investing £140 million in my constituency, which is a sign of confidence. When assessing the bid and its impact on Pfizer jobs, will the Secretary of State look more widely at the impact of the UK pharmaceutical sector as a whole on the skills base and the supply chain?
Vince Cable
I went out of my way in several of my answers to stress the positive and important role played by our tax regime, both in respect of corporation tax and the patent box. The hon. Gentleman is right that in terms of industrial strategy we are concerned about the supply chain. That is being looked at in considerable detail, as it is in several other manufacturing industries. It is highly relevant in this context.