Politicians are very fond of talking about ‘the national interest’, but whose national interest is at stake?
Pfizer, the world’s largest drug company, is about to take over the notionally British company AstraZeneca. Should we be surprised at their readiness to avoid paying tax in the US and now Britain? Two dozen US companies have already changed their tax residence through cross-border mergers since 2008. AstraZeneca itself has branches worldwide and shows no allegiance to any particular country.
We are witnessing sham politics played out by parliament’s social democrats. The reality is that EU laws prevent our government from protecting what is left of British industry. The cost of foreign ownership of much of British manufacturing, services and finance sectors is that British Governments have no control over British jobs.
Pfizer is more interested in buying up competitors in order to nullify competition. As an experienced asset stripper it will no doubt sell off AstraZeneca piecemeal for profit. Jobs will go. Pfizer’s record is criminal, falsifying evidence in clinical trials and making vast profits out of epidemics across the world. Large global corporations already control much of government’s activity. This take-over makes Pfizer even more powerful in any future safety and cost-effectiveness regulation. There would be little or no control over the cost to the NHS.
Why should any multinational create jobs in Britain when major shareholders’ interests only extend to the bottom line of a balance sheet? They have created another market in jobs. In the national interest of the British people we cannot afford to play by their rules.