ALEX BRUMMER MER
ish software group to vanish into overseas ownership of late. Last year Autonomy, which came out of Cambridge University, was sold off to another Silicon Valley fading star Hewlett Packard for £7 billion amid promises that the brains of the firm would remain in the UK.
When it comes to technology the pull of the San Francisco Bay area is so powerful that it is hard to imagine that, over time, the best and the brightest companies like NDS and Autonomy will not migrate to California where taxes are lower and there is a huge cluster of such companies.
In an age of free and open capital markets and an increasingly globalised world, the welcome which Britain gave to overseas predators, particularly during the fast growth decade of 1997-2007, was seen as a good thing for the economy.