GlaxoSmithKline, which has been widely reported to consider joining the exodus for more favourable tax regimes, now intends to remain in the UK, according to Jean-Pierre Garnier, chief executive.

Garnier told The Independent the government was listening to industry concerns over taxation. ‘We have no plans to leave the UK,’ he said.

‘We are very confident that the government is listening to business and hearing what it takes to compete globally. The Prime Minister understands globalisation.’

He thought those moving now were doing so prematurely. ‘I am optimistic that the government will be able to generate an increasingly favourable [business] environment,’ he said.

Further reading:

UK's top business chiefs threaten tax move

The The Independent story