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Lord Evans of Rainow (Con)

Speaking in the House of Lords on 13 February 2025

Debate

London Stock Exchange: Decline in UK Funds

Contribution

My Lords, the Minister previously referred to corporation tax. Corporation tax in this country is uncompetitive compared to corporation tax across the water in the Irish Republic, where it is about half. The Republic has succeeded in attracting a number of international tech companies to set up their businesses there, at the expense of the United Kingdom. My home town of Macclesfield lost a significant investment of £400 million by AstraZeneca, which went directly into a pharmaceutical cluster in Cork. Can the Minister ask his officials to look into why, notwithstanding our uncompetitive corporation tax, we consistently lose out to the Republic of Ireland? Its civil servants are very good at working around ours, at the expense of the United Kingdom.

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