The Tories have been quick off the draw in suggesting that they might drop the taxation of foreign profits for companies, the issue that is driving companies like Shire and United Business Media abroad.

George Osborne was speaking to the British Chambers of Commerce in Liverpool about it today, and I've finally got hold of the full speech.

Here's the section you may find interesting:

...the [Tax Reform] Commission also identified a looming problem with the taxation of
foreign profits - the specific issue that drove Shire to Ireland, and which
is now worrying businesses up and down the country. They recommended a
participation exemption - effectively taking foreign profits out of tax and
encouraging the repatriation of profit to the UK.

There is a powerful case for such a change, which we are looking very
closely at.  It could deliver a simpler and more competitive tax system fit
for the global economy. But the Government's current approach risks making
this area of tax even more complex not less, and could even lead to yet
another stealth tax on business.

Shire's decision should act as a warning shot. Reforming the tax system and
cutting business tax rates is one way to help British businesses succeed...