• Sat. Dec 2nd, 2023

British Business Updates for November 21st


Nov 21, 2023

November 21st (Reuters) – The UK’s business pages are filled with a diverse range of stories, from pharmaceutical sales agreements to tax cuts and real estate developments.

In the pharmaceutical industry, the British Pharmaceutical Association (BPA) has reached an NHS-branded sales agreement with the government after months of disputes and warnings about losing international ground. Meanwhile, Boodles’ CEO has accused Rishi Sunak of scrapping VAT-free shopping for foreign tourists, calling it a “spectacular own goal.”

In finance, Bank of England Governor Andrew Bailey has warned that UK interest rates will need to stay high despite a sharp fall in the annual inflation rate. Prime Minister Rishi Sunak has hinted at potential business tax cuts to boost economic growth, promising to reduce the tax burden “carefully and sustainably” over time.

Moving onto real estate, EY is in talks to abandon its London headquarters as working from home continues to transform professional life. Additionally, Cazoo founder may see his shareholding in the company almost wiped out as bondholders take control. In media industry news, former Ofcom boss is acting as secret lobbyist for RedBird IMI, which is in advanced talks to take control of The Daily Telegraph. Lastly, OpenAI’s ousted CEO has stated that their top priority with Microsoft CEO Satya Nadella is ensuring OpenAI continues to thrive.

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