AstraZeneca Cancels UK Investment Over Reduction in Government Support
AstraZeneca halts £450 million vaccine manufacturing plant investment in Liverpool, citing reduced state support and changes in funding offers.
AstraZeneca has canceled plans to invest £450 million in expanding its vaccine manufacturing facility in Speke, Liverpool, due to a reduction in government support.
The decision was made after discussions with the current UK government, with the company citing a decrease in the final offer compared to proposals from the previous administration.
Despite this setback, AstraZeneca will continue to produce flu vaccines at the site.
The company has made significant investments in other countries, including a $2 billion spending proposal in the United States.
AstraZeneca also plans a £200 million expansion at its Cambridge facility.
The UK government stated that the reduced offer was a result of adjustments in the makeup of the proposed investment, emphasizing that all state funding must demonstrate value for taxpayers.
This move follows earlier warnings from AstraZeneca that it could relocate its vaccine manufacturing site due to deadlocked talks over state aid.
The change in government support coincides with Finance Minister Rachel Reeves' recent remarks highlighting AstraZeneca as one of the key companies contributing to job creation and investment in the UK, as the government seeks to stimulate economic growth.
The decision was made after discussions with the current UK government, with the company citing a decrease in the final offer compared to proposals from the previous administration.
Despite this setback, AstraZeneca will continue to produce flu vaccines at the site.
The company has made significant investments in other countries, including a $2 billion spending proposal in the United States.
AstraZeneca also plans a £200 million expansion at its Cambridge facility.
The UK government stated that the reduced offer was a result of adjustments in the makeup of the proposed investment, emphasizing that all state funding must demonstrate value for taxpayers.
This move follows earlier warnings from AstraZeneca that it could relocate its vaccine manufacturing site due to deadlocked talks over state aid.
The change in government support coincides with Finance Minister Rachel Reeves' recent remarks highlighting AstraZeneca as one of the key companies contributing to job creation and investment in the UK, as the government seeks to stimulate economic growth.
