British Business Update for November 21st

British Business Update for November 21st

British newspapers on the business pages have a range of topics to report, including pharmaceutical sales agreements, tax cuts, real estate and finance. The UK’s pharmaceutical industry 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 the finance world, Bank of England governor has warned that UK interest rates will need to remain high despite an annual inflation rate fall. Rishi Sunak has hinted at potential business tax cuts to boost economic growth by reducing the tax burden “carefully and sustainably” over time.

Turning to real estate, EY is in talks about abandoning its London headquarters as working from home continues to transform professional life. In addition, Cazoo founder may see his shareholding almost wiped out as bondholders take control. Meanwhile, in the media industry, former Ofcom boss is acting as a secret lobbyist for RedBird IMI in advanced talks to take control of The Daily Telegraph. Lastly, OpenAI’s former boss said that his and Microsoft CEO Satya Nadella’s top priority is ensuring OpenAI continues to thrive.

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