British Business News Roundup for November 21st

British newspapers’ business pages are buzzing with a range of topics on Nov 21, including pharmaceutical sales agreements, tax cuts, real estate, and more. The UK pharmaceutical industry has reached an NHS branded sales agreement with the government after months of disputes and warnings that it was losing international ground. Meanwhile, the boss of Boodles accused Rishi Sunak of scrapping VAT-free shopping for foreign tourists.

In finance news, Bank of England governor Andrew Bailey warned that UK interest rates will need to stay high despite a sharp fall in annual inflation rate. Prime Minister Rishi Sunak also hinted at potential business tax cuts to boost economic growth, promising to reduce the tax burden “carefully and sustainably” over time.

Turning to real estate, EY is in talks to abandon its London headquarters as working from home continues to transform professional life. Additionally, the founder of Cazoo may see his shareholding almost wiped out as bondholders take control. In the media industry, the former boss of Ofcom is acting as a secret lobbyist for RedBird IMI as it is in advanced talks to take control of The Daily Telegraph. Lastly, the ousted boss of OpenAI said that his top priority with Microsoft CEO Satya Nadella is ensuring that OpenAI thrives.

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