Sir Mervyn also implied that interest rates could only rise in earnest once the banks were in better shape.

ECONOMIST: The chancellor accepts tough new rules on banks

"The introduction of the patent box has transformed the way in which we view the UK as a location for new investments, ensuring that the medicines of the future will not only be discovered, but can also continue to be made here in Britain, " said Glaxo chief executive Sir Andrew Witty.

BBC: Glaxo invests ?500m in UK and builds new factory