AstraZeneca has cancelled a £450m investment in a manufacturing plant, saying Labour have failed to match the previous government’s funding.

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,