Pharmaceutical companies flee UK tax system

Shire were one of the first to announce it's move from the UK at a business tax rate for 28% to Ireland for their rate of 12.5%.  It appears that ministers appearing on the 6 O'clock news and saying that the UK business tax system is highly competitive is not enough to keep them here once one looks at the raw figures.

Whilst most of these companies will retain medical sales jobs in the UK, unless tax changes it is likely that more will leave UK shores in the future.  This on top of many  pharmaceuticals already taking there production to Asia to benefit cheap labour rates present a real problem to keep any of it's medical sales industry.  the pharmaceutical sector has always been one of the most successful commercial sectors in the UK.

Clearly tax is a complex system where any one value shouldn't be considered in isolation.  However, the conservatives have already quoted a figure of a reduction in corporation tax of 3% is required immediately to bring it into line.