AstraZeneca (Pfizer Bid)
Debate between Vince Cable and Laura SandysUrgent 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 have already dealt with some of the hon. Gentleman’s points, particularly in relation to the tax regime.
Specifically on neutrality, I made it very clear in any comments I made to the media that of course, as a result of conversations that we had with both companies, assurances given in writing were welcome. It would have been absurd to reject them; of course they were welcome. However, I also made it very clear that we needed to study the small print and that there was an issue about how these obligations were made binding. Of course, those issues now need very clearly to be addressed.
I am perfectly happy to take advice and lectures from anybody about how to handle this very difficult and sensitive issue, but the one example that we have in front of us of what to avoid is what happened in the Kraft-Cadbury merger. First, the then Government made no attempt at neutrality and said from the outset that there was going to be huge opposition to the takeover. Secondly, they failed to stop it, having said they were going to do so, and they sought no assurances of any kind, in writing or verbal; indeed, my predecessor has acknowledged that. We are trying to learn from their experiences.
We have taken up a position of neutrality. We acknowledge that there are very serious legal constraints, but I am keeping all options open on that front. We are seeking to locate this whole debate within our industrial future rather than in terms of tax advantage, and I made that very clear in my introduction.
Laura Sandys (South Thanet) (Con)
In his negotiations with Pfizer, has my right hon. Friend been given assurances that its current investment in Sandwich, which is growing at present, is secure and will be part of future discussions?
Vince Cable
I am well aware of the very constructive role the hon. Lady played when the original redundancies were announced. Indeed, despite the very large job losses, there is still a significant presence on the site to which she refers. The securing of that continued presence, which is substantial, and decision making would be a key part of any future discussion we have with the company.
Oral Answers to Questions
Debate between Vince Cable and Laura Sandys(14 years, 4 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Vince Cable
The Budget made it very clear that the value added tax increase is part of an overall process of reducing our enormous deficit, and it will lead to the strengthening of the British economy in due course. Those who criticise the VAT increase have to explain whether they are recommending that we make even deeper cuts in public spending instead.
Laura Sandys (South Thanet) (Con)
T8. Will the Secretary of State meet a group of seaside MPs whose constituencies face very specific challenges both in job creation and in new business start-ups? Could we further discuss how to boost domestic tourism, which plays such an important part in the economy of my South Thanet constituency?