It is not companies like ARM that will in themselves drive up the country’s pay and productivity.
Average pay is set by average productivity in the economy. Having high productivity and high pay companies like ARM in the economy thus pushes up average pay.
Come on, this is basic, basic, stuff.
Technological excellence and innovation are not enough; but if leading companies, like ARM, that are most likely to drive such a transformation are sold abroad, their tax revenues and ultimately their management put in the hands of individuals with less stake in the country, their strategic value is at least compromised.
UK profits will be taxed just like they are now. Non-UK profits aren’t taxed in the UK today anyway. So, no change there then.
Idiot fucking Guardian.
despite Brexit – which, by causing sterling to depreciate sharply, made it such an attractive deal
ARM’s revenues are almost entirely in US $. That’s why the share price rose 20% following Brexit and before the bid, as sterling declined against the $ making that foreign income stream more valuable in sterling.
And this tosser definitely needs a reaming:
Over the past few decades Britain has sold companies to overseas interests at an unprecedented level,
Britain has sold fuck all. Some number of British people might have sold their private property but that’s a rather different thing, isn’t it?