Pharmaceutical company AstraZeneca has cancelled a planned 450 million-pound investment in a vaccine manufacturing plant in northwest England.

The pharmaceutical giant says the new Labour government has offered less investment than their Conservative predecessors.

In a shock move, AstraZeneca has ditched a plan to invest £450 million ($558 million) in a new vaccine manufacturing plant in the UK, after the government reduced the offer on the table to support the project.

AstraZeneca has axed plans to build a £450million vaccine manufacturing plant because of a lack of Government support in the latest blow to Rachel Reeves. The Labour government last summer tried to reduce the amount of state support provided to the Liverpool project from about £90million to £40million, reports have suggested.

Scrapping the £450 million vaccine plant deals a major blow to the Labour government’s economic revival plans.

AstraZeneca’s manufacturing will-they-won’t-they within its home country has swung back firmly toward the ‘they won’t’ camp after the British pharma confirmed that it’s ditching a major venture at | AstraZeneca is pulling the plug on a 450 million pound sterling investment at its vaccine production site in England due in large part to the reduction of a planned financial contribution from the U.

AstraZeneca will no longer invest 450 million pounds ($558.3 million) at its vaccine manufacturing plant in northern England, the company said on Friday, citing a reduction in government support. The

AstraZeneca is no longer pursuing plans for a 450 million pound ($558.32 million) vaccine manufacturing plant in Speke, Liverpool, a company spokesperson said on Friday.