AstraZeneca cancels £450m vaccine plant plans in England

AstraZeneca has cancelled its plans for a £450 million vaccine manufacturing plant in Speke, England, citing reduced government financial support under the new Labour leadership as a significant factor. The company's decision follows protracted discussions with the government, which had previously offered less funding than the Conservative administration's proposal. Despite this setback, AstraZeneca assured that the existing Speke facility will continue to operate, producing flu vaccines and safeguarding current jobs. The announcement comes just days after Chancellor Rachel Reeves highlighted life sciences as a key area for economic growth in her speech. The cancellation underscores challenges the Labour government faces in attracting private investment while managing public finances. AstraZeneca's chief executive had previously indicated that the investment was ready to proceed, making this decision a notable blow to the government's investment strategy.