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Press watch: ‘An erosion of trust’

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‘“I really believe one of the reasons we've seen an erosion of trust, broadly, in big companies is they've allowed themselves to be seen as being detached from society and they will float in and out of societies according to what the tax regime is,” says [GlaxoSmithKline's chief executive, Andrew Witty in an interview with The Observer]. “I think that's completely wrong.”

‘He continues: “Of course we could go, in theory, anywhere for a low tax rate. But first of all, how do you know that country isn't going to change its tax rate in 10 minutes? Secondly, isn't it better to be in a country and say ‘let's try and work through the difficult times and get to the good times’? If every company runs away every time there's a difficult time, how is a country ever going to emerge?”.’

The Observer, 20 March