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Chancellor George Osborne

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AstraZeneca PLC, the global pharmaceutical giant and the UK’s second biggest drug company, informed that it planned to restructure itself by introducing downsizing program and reorganizing its global research and development operations. The main idea of the strategy, which is to substantially help the company, is to slash approximately 1,600 jobs in the next three years.

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The Confederation of British Industry, UK’s leading lobbying organization, suggested that the forthcoming 2013 Budget should be centrally focused on creating around 50,000 new homes in order to reduce fiscal deficit. Moreover, the British Chambers of Commerce supported the plea put forward by the CBI to promote infrastructure.

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The Parliamentary Commission on Banking Standards has criticized the Chancellor George Osborne’s bank reform as it is simply unbalanced and inadequate. The Commission has underlined that the financial regulator should be given competence to separate high street and investment banking.

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The Chancellor George Osborne declared additional financial backing to work out commercial uses for the “super-material” graphene. £21.5 investment funds will be granted to some of U.K. universities as they presented the most promising projects for development of the Nobel Prize-winning material.

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UK industry leaders believe that ministers should set a specific target for restricting carbon emissions from power generation. More than 50 businesses, including so well-known names such as Asda, Sky, PepsiCo, Microsoft, Marks and Spencer, have signed the letter to Chancellor George Osborne, in which they encourage the government to set a 2030 target on decarbonising the power sector in the UK. Moreover industry leaders have also warned Chancellor George Osborne that mixed signals on green energy policy might weaken investment in renewable energy in the UK.

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