AstraZeneca's Investment Withdrawal Sparks Political Backlash in Britain

AstraZeneca has retracted a planned £450 million investment in Britain, citing reduced government support as a key factor. The move represents a setback for Prime Minister Keir Starmer's economic strategy. The decision was publicly criticized by the opposition, indicating potential political ramifications.

On Monday, Britain responded to AstraZeneca after the pharmaceutical giant withdrew a planned £450 million investment. The retraction was attributed to the company's decision to downgrade research and development efforts, leading to diminished government support.

The cancellation is seen as a significant setback for Labour Prime Minister Keir Starmer, who is striving to revive economic growth. Science department minister Chris Bryant labeled AstraZeneca's move as 'deeply disappointing' during a parliamentary session called by Conservative opposition members.

The original investment intended £150 million for R&D, but was reduced to around £90 million. Previous Conservative government support stood at approximately £90 million, whereas the revised offer was not disclosed. AstraZeneca's statement highlighted timing and reduced final offers as reasons for the withdrawal.

(With inputs from agencies.)