AstraZeneca Scraps $560M Vaccine Plant Plans in England

AstraZeneca has cancelled a £450 million vaccine facility investment in England, citing reduced financial support from the new Labour government. The move undermines UK Treasury's economic growth plans and highlights tensions with the pharmaceutical sector. The existing site will continue operating with no job losses.

Pharmaceutical giant AstraZeneca abruptly cancelled a planned £450 million investment in a vaccine manufacturing site in northwest England, citing a reduction in government financial support under the new Labour leadership. The decision represents a setback for the Treasury's aim to boost the UK's appeal to global investors.

AstraZeneca, which rose to prominence during the COVID-19 pandemic through its partnership with Oxford University, announced it will not proceed with expanding its existing Speke facility near Liverpool. Despite this, the company assured that the current operations will continue, safeguarding existing jobs.

The government attributed its altered grant offer to changes in AstraZeneca's proposed investment structure. The previous Conservative administration had touted the project as vital for enhancing the UK's life sciences sector and preparing for future pandemics.

(With inputs from agencies.)