CPS Head of Economic Research Adam Memon contributed to a City A.M. debate on the proposed Pfizer-Astrazeneca deal.
To read the full debate, visit the City A.M. website.
“The prospect of Ed Miliband and members of the government having the power to make or break corporate deals would be disturbing to businesses looking to invest in Britain. Such political interference would damage our competitiveness and reputation as an open economy. A stream of stunningly nonsensical statements about Astrazeneca’s status as a national champion has obscured the fundamental truth that with ownership must come control. Shareholders who have risked their capital have stronger incentives and better information than politicians to make long-term decisions. What companies will bring jobs and innovation to Britain if they fear the corrosive interference of protectionists? Further, political interference spreads fast and it might not be long before British firms expanding abroad find themselves constrained by foreign governments. Britain’s national champions should not be individual companies but free, open and competitive markets. Adam Memon is head of economic research at the Centre for Policy Studies.”
To read the full debate, visit the City A.M. website.
Date Added: Friday 16th May 2014
