And then, there would've been the local tax base for the city of London, more broadly as likely multibillion-dollar small molecules would be developed and patented from the facility. To be sure multinationals like Merck are careful to "house" their intellectual property / patents in jurisdictions like Ireland. . . in what are essentially holding companies, so that they may take advantage of local tax breaks on the license and royalty income that the patents generate -- even intra-company.
But now, facing Trump tariffs, this company, and likely many others. . . Will simply ask US based research researchers to handle more tasks for the same money inside the US. It is pure folly to think that this halt of construction in London will generate new US high paying science jobs. It won't, with 6000 layoffs already scheduled inside New Jersey for Merck -- upper management of the company has a strong hand to simply tell science staffers that they must do more on the same salary, otherwise they will be next on the chopping block. As ever, most of Trump's "policies" deliver the opposite of the effect that he claims to be after.
In any event, here's the press report -- out of Reuters London tonight UK time:
. . .The U.S. drugmaker no longer plans to occupy the Belgrove House site at King's Cross, which was due to open in 2027. The move will impact about 125 staff members.
Pharmaceutical companies have been shoring up investments in the U.S. amid the Trump administration's tariff threats. . . .
Damn. [The King's Cross station is a very charming place to spend an afternoon -- and yes, I have that on first person authority. When I'm back in London late this Fall, I will be sure to spend a little more with those fine local merchants.]
Onward.
नमस्ते
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