Well the good knight didn’t get to where he is today by not reading the small print and he’s evidently waiting to see just how WPP will benefit from coalition chancellor George Osborne’s Budget changes before finally committing the marcoms giant to returning as a London registered company after shifting it to Jersey and Ireland a couple of years ago in protest at Labour’s plans to tax overseas income.
Following Osborne’s statement that he planned to reduce corporation tax and bring in a new, reduced levy of 5.75 per cent on ‘overseas financing income’ (whatever that may be) WPP boss Sir Martin Sorrell said he was inclined to bring the company back to the UK.
Although, just like Osborne with his new corporation tax rates and levy, he didn’t say precisely when.
He did say, though, that he thought it was “a good Budget for business.”
Lord Sorrell of Knightsbridge is surely only a matter of time.