The business pages of British newspapers cover a range of topics from pharmaceutical sales agreements to tax cuts and real estate.
The body representing Britain’s pharmaceutical industry has reached an NHS branded sales agreement with the government, after months of disputes and warnings that the country’s key growth sector was losing international ground. Additionally, the boss of Boodles, a luxury jewelry designer and retailer, has accused Rishi Sunak of scrapping VAT-free shopping for foreign tourists, calling it a “spectacular own goal.”
In the realm of finance, the Bank of England governor has warned that UK interest rates will need to stay high for some time despite a sharp fall in the annual inflation rate. Meanwhile, Prime Minister Rishi Sunak has hinted at potential business tax cuts to boost economic growth, promising to reduce the tax burden “carefully and sustainably” and “over time.”
Turning to real estate, EY is in talks to abandon its London headquarters as working from home continues to transform professional life. In addition, the founder of Cazoo, an online car seller, may see his shareholding in the company almost wiped out as bondholders take control. In the media industry, the former boss of media regulator Ofcom is acting as a secret lobbyist for RedBird IMI, which is in advanced talks to take control of The Daily Telegraph. Lastly, the ousted boss of OpenAI has said that his and Microsoft Chief Executive Satya Nadella’s top priority is to ensure that OpenAI continues to thrive.