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People walk past the Pfizer World headquaters in New York

Pfizer + Wyeth leaves no place for Sandwich

Last week, at the beginning of February, the pharmaceutical giant Pfizer announced the closure of its renowned European Research & Development Headquarters in Sandwich, Kent, with the loss of some 2,400 jobs, many highly skilled and well-paid.
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A tale of two economies

A recent report on economic activity in Britain was stunningly anemic. It showed the U.K. economy actually contracted in the fourth quarter of 2010 by 0.5 percent. The troubling aspect was not just that it underwhelmed expectations, but that it comes at a time when inflation is rising to an uncomfortable level. Increasing prices have prompted discussions of a tightening in monetary policy by U.K. central bankers. Inflation rose to 3.7% in December, well above the official target of 2%, and s...