Joining GlaxoSmithKline Plc in a vow to strengthen British employment, McDonald's Corp. is all set to create 5,000 jobs in the UK by the end of 2017, in addition to the 8,000 announced in 2014. Chief Executive of McDonald's UK, Paul Pomroy said the move would bring the company's British workforce to more than 110,000. "These remain challenging economic conditions, but I'm pleased that, together with our franchisees, we remain committed to the UK," he said.
Greg Clark, secretary of state for the Department for Business, Energy and Industrial Strategy, called the announcement "great news for the UK Economy". He said, "The government is committed to ensuring businesses have the support they need to thrive and today's announcement underlines that businesses are confident that the UK remains open for business."
The country's biggest drugmaker, Glaxo will invest 275 million pounds to increase capacity to make respiratory and biologic medicines, mostly for export. It released a statement saying the company is betting on the continued growth of new products, which brought in more than twice as much revenue in the second quarter as they did a year earlier. CEO Andrew Witty said it was benefiting from the weakening of the British pound following the UK vote to leave the EU with currency effects boosting sales by 7 per cent and profit by 26 per cent. "The vote happened, and it's a democracy, and we will make the most of it. I am delighted we are able to announce these capital investments today, not because of our view about Brexit, but it shows confidence in our products."
Witty, along with AstraZeneca Plc CEO Pascal Soriot, chairs an industry task force on life sciences set up by the UK government that aims to identify opportunities for the sector following the Brexit referendum. The outcome has created uncertainty for pharmaceutical and biotechnology companies, with questions about how an exit from the EU would affect immigration policy, drug regulation, trade agreements and the movement of goods like raw materials.
One attraction for companies is Britain’s corporate tax system, which provides a lower rate on profits from UK-owned intellectual property, Glaxo said. The country also boasts a skilled workforce and access to technology and key infrastructure, the company said.
