[Re: Britain’s apparently open economy can’t afford this Pfizer political inquisition, yesterday]
Government interference in the market always leads to disaster. The shareholders and their board of directors created Pfizer and Astrazeneca, and only they should decide their future. House of Commons committees are merely a device for airing political prejudice or personal ignorance. In other words, they are a waste of time and money, and their presumption of authority over chief executives is offensive.
Most politicians know nothing about commerce and the ones that do keep quiet about it. The whole point of cutting taxes is to increase revenue by attracting more capital. So Pfizer’s proposed bid for Astrazeneca should be viewed as a great success for government policy. Also, there is absolutely nothing the government can do under current laws to block the takeover, so this whole discussion is moot.
The logic and the rationale of the economic nationalists is embarassingly bad. Perhaps we should just nationalise Astrazeneca?
BEST OF TWITTER
The UK economy: employment strong, but wages weak with base rate rises far far away.
With inflation at 1.6 per cent in March, trumpeted recovery in real pay last month was short lived.
Standards in mortgage-backed securities are slipping. We are heading back to 2007.
New Cold War? Yes, except EU not with US; China not with Russia; Russia not that big, US not that interested.