AstraZeneca may move to Ireland to escape tax rates

Anglo-Swedish drugmaker AstraZeneca may move its headquarters away from the UK to avoid high tax rates, according to the UK's Financial Times. The company said it was in ongoing discussions with the UK government to come to an agreement over the taxation of foreign profits in order to increase the competitiveness of UK companies. AstraZeneca maintains hope that an agreement can be reached, claiming its motive was "to ensure that the UK tax regime develops..." but the firm refuses to rule out the possibility of relocation. The FT states the departure of the company from the UK would be an "embarrassing blow" to Prime Minister, Gordon Brown.