It doesn’t sound quite so much if you say it fast – sixty million quid a year.
That’s the amount the hard-up UK treasury is set to lose when Kraft switches control of Cadbury to its European operations in Switzerland. And it’s not too big when you consider the size of the budget deficit or the £7bn we lent to our friends across the Irish Sea last month.
But the numbers aren’t really the issue. For some, this is another own goal for a company that appears to be doing little to win over the hearts and minds of the UK consumer – many of whom are still suspicious of the US food giant’s intentions following its £11.6bn capture of Cadbury.
Kraft has become an easy target for both the press and politicians alike keen to play the ‘British’ card and moves like this simply make their job easier.
Kraft was already in the doghouse after going back on a pre-takeover pledge to keep Cadbury’s Somerdale plant open so the reams of negative press coverage it received this weekend won’t do it any favours.
Tax is suddenly a very hot topic with protesters taking action against some of Sir Phillip Green’s Topshop stores this weekend, if Kraft wants to avoid some more damaging attacks on its brands such as the mooted cheese boycott – it might want to think again and give UK plc a little bit of sugar.
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