AstraZeneca cancels £450m investment in UK after dispute over Government support
AstraZeneca cancels £450m investment in UK after dispute over Government support
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AstraZeneca has cancelled a planned £450 million investment in a vaccine manufacturing plant in Merseyside, saying Labour failed to match the previous government’s offer of support. The decision reverses an announcement made by then-chancellor Jeremy Hunt at last year’s March budget that would have seen the pharmaceutical company expand its existing facility in Speke. At the time, the Conservative government said the investment would both boost the UK’s life sciences sector and improve public health protection and pandemic preparedness.
Confirming the reversal on Friday, a spokesperson for AstraZeneca said: “Following discussions with the current Government, we are no longer pursuing our planned investment in Speke. Several factors have influenced this decision including the timing and reduction of the final offer compared to the previous government’s proposal. “Several factors have influenced this decision including the timing and reduction of the final offer compared to the previous government’s proposal.”.
The existing facility will continue to operate and no jobs are at risk. The decision comes as a blow to the Government following a week in which the Chancellor sought to stress its commitment to growing the economy and making Britain more attractive to international investors. It also follows warnings by former health secretary Matt Hancock that the UK needed to improve its own vaccine manufacturing capability as a “critical” part of preparing for a future pandemic.
