If it wasn’t bad enough that our treasurer didn’t drop corporation tax when businesses were threatening to move, he’s now attempting to force out even bigger companies. For example: HSBC, Vodafone, Astra Zeneca, Glaxo Smith Kline, BAE Systems, British American Tobacco, Shell and BP.

All these companies may move if the treasury abandons its ideas of more tax on foreign income. This warning came when Shire’s move meant the company will pay a tax rate of 12.5% in future, rather than the 28% in the UK.

A spokesman for Glaxo confirmed that its new chief executive, Andrew Witty, attended the meeting.

“We believe that the UK business environment has to be realistic so it doesn’t impair our ability to compete globally.”

In my view it seems the treasury wants the UK to go into recession, surely with the credit crunch in place and the banks not lending you would encourage businesses, not ship them out?