Chancellor Confirms AstraZeneca’s £450 million Liverpool Expansion

Chancellor Jeremy Hunt has today (6th March 2024) announced a significant investment move by pharmaceutical giant AstraZeneca during his Budget speech.

Chancellor Jeremy Hunt delivers Budget to the House of Commons. Image from HM Treasury

AstraZeneca is set to inject £450 million into the establishment of a new vaccine manufacturing plant in Liverpool, expanding its existing presence in the city.

The investment, long speculated, was officially confirmed by Chancellor Jeremy Hunt during his Spring Budget speech to the House of Commons. AstraZeneca’s expansion will bolster its manufacturing capabilities at the Speke site, focusing on research, development, and production of vaccines. This initiative aligns with the site’s current role in supplying crucial vaccines for the global childhood vaccination program.

In his Budget speech to MPs, Mr Hunt said:

“To drive investment we’ve delivered one of the most competitive business tax regimes of any major economy, as part of our plan to help our key industries to grow.

“Our £108bn Life Sciences sector provides over 300,000 high skilled jobs across the UK and is crucial for the country’s health, wealth and resilience.”

The newly planned facility aims for operational net zero status, with power sourced from renewable energy, marking a commitment to sustainability. Chief Executive Sir Pascal Soriot emphasized the investment’s significance in enhancing the UK’s pandemic preparedness and showcasing continued confidence in the country’s life sciences sector.

Acknowledging the importance of such investments, Chancellor Hunt highlighted the competitive business tax regime in the UK, aiming to foster growth in key industries. He underscored the significance of the £108 billion Life Sciences sector, which sustains over 300,000 high-skilled jobs and contributes significantly to the nation’s health, wealth, and resilience.

The news was welcomed by Liverpool City Region Metro Mayor Steve Rotheram, who viewed it as a testament to the region’s efforts to bolster its health and life sciences sector, fostering economic growth and job creation.

Beyond the AstraZeneca announcement, the Budget allocated £100 million for cultural spending from the Levelling Up Fund, including funding for National Museums Liverpool.

For more news from Invest Liverpool click HERE.