British Business News: A Comprehensive Recap for November 21st

The pharmaceutical industry in the UK is facing a significant challenge as one of its key growth sectors is losing international ground. This has led to disputes and warnings from various stakeholders, including the body representing the pharmaceutical industry.

In another development, Rishi Sunak has been accused of scoring a “spectacular own goal” by scrapping VAT-free shopping for foreign tourists, according to The Times. Meanwhile, UK interest rates are expected to stay high despite a sharp fall in annual inflation rate, as warned by the governor of the Bank of England.

The Telegraph reports that EY is in talks to abandon its London headquarters as working from home becomes more prevalent due to the COVID-19 pandemic. Alex Chesterman’s shareholding in Cazoo will be almost wiped out as bondholders take control of the loss-making online car seller.

RedBird IMI, an Abu Dhabi-backed media vehicle, is reportedly in advanced talks with The Daily Telegraph with Ed Richards acting as a secret lobbyist for the deal, according to Sky News. Lastly, Sam Altman and Satya Nadella have stated that their top priority remains to ensure OpenAI continues to thrive after being ousted from its leadership position at Microsoft.