Taxing reasons prompt AstraZeneca to invest in Ireland over UK

10 February 2023

Anglo-Swedish pharma major AstraZeneca (LSE: AZN) delivered a stunning rebuke to the embattled UK government on Thursday.

The company’s chief executive Sir Pascal Soriot made an investment announcement as he presented the latest financial results and outlook at the Cambridge-based firm, which was Britain’s biggest R&D investor in 2021, spending $2.5 billion.

“We have made a $400 million investment in a state-of-the-art manufacturing facility, which we wanted to make in this country, and we have made in Ireland, because the tax rate was discouraging,” he said.

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