The Business Secretary Vince Cable’s assurances in the House of Commons to MPs this afternoon that the Westminster Government won’t let Pfizer make use the UK as a tax haven and will secure guarantees for British science jobs have a hollow ring to them. Public concerns have rightly been raised about the proposed hostile takeover of UK pharmaceutical giant AstraZeneca by its US rival Pfizer. We have been here before, whatever Vince says by way of comfortable assurances, MP’s would do well to remember Cadburys, which was taken over by Craft (aided and abetted by UK City banks). Cadbury’s Bristol factory was closure announcement came within a week of the takeover, regardless of any assurances from the company. It is worth noting that Pfizer has pledged that if the deal goes ahead, 20% of the combined company's R&D workforce would continue to be based in the UK. While this sounds good, the US firm has said that these commitments would be valid for five years, or unless circumstances changed significantly...
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