AstraZeneca, one of the leading pharmaceutical companies, has announced the cancellation of its £450m investment in the Speke expansion project. The decision came as a result of a cut in state funding, leaving the company with no choice but to reallocate their resources.

The project, which aimed to boost manufacturing capabilities in the UK, was a significant part of AstraZeneca's growth strategy. However, the company's CEO, Chris Brant, stated that without the necessary financial support from the government, the project was no longer viable.

The cancellation of the Speke project has raised concerns about the future of AstraZeneca's presence in the UK. Nils Pratley, a finance expert, criticized the UK government for failing to support such a crucial investment, highlighting the potential negative impact on both the company and the UK economy.

AstraZeneca's decision to withdraw the £450m investment highlights the challenges faced by businesses in an uncertain economic climate. The company's focus will now shift to other projects that can deliver a higher return on investment in the absence of government backing for the Speke expansion.