In the substance and calendar, Astrazeneca’s decision to cancel a planned expansion of its Speke flu vaccine installations is a blow for the recent government’s zeal for growth.
Instead of injecting 450 million pounds sterling into the factory on the Merseyside, a dispute with the new administration on the government’s support amount saw the project withdrawn, accompanied by a reassured breaststroke.
“Several factors have influenced this decision, including the calendar and the reduction of the final supply compared to the proposal of the previous government,” said the company, painting work as skeptics of vaccines compared to their conservative predecessors.
To come two days later Rachel Reeves Organized by growth growth, especially in life sciences, it is a blow that could have made ministers and officials weak.
The company does not disclose figures, but it is understood that the agreement agreed with the last Conservative Chancellor Jeremy Hunt last March, and confirmed in a press release from the Treasury, could have seen up to 90 million pounds sterling state support go to the project.
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In July, the new government told Astrazeneca that he wanted to review the agreement, but after months late, the drug giant received a lower offer which, she said, has no meaning.
It is a sign of her frustration felt within the largest British company that she has chosen to publicly contrast the new government with the last.
Rachel Reeves. Peak: pa
Astrazeneca only draws 2% of its income from its original market and can indicate recent major investments in Canada, the United States and Singapore which will not be reflected here.
In a press release, the treasure was not excused, affirming that “a change in the composition of the investment” proposed by AZ led it to reduce the proposed subsidy, and that the agreement did not “manifest the taxpayer value ”.
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Astrazeneca is the second multinational to blame the new government for an investment withdrawal.
Two months ago Close her Luton Van plant And move manufacturing to wearing them, blaming zero net targets.
In this case, the ministers insisted with a certain justification that the deployment of state support to prolong the life of a non -competitive installation had no meaning.
They may also have strong arguments to refuse Astrazeneca requests, but they can be more difficult to maintain given the sector – strong growth life sciences; The company – the largest of the market value of Great Britain; and the economic – skeptical and potentially contagious climate.