The move will be seen as a major blow to the government, coming at a time when it is pushing hard to secure investment in the UK to drive economic growth.
“Several factors have influenced this decision including the timing and reduction of the final offer compared to the previous governments proposal.”
AstraZeneca has previously said the investment plan had been paused as it sought increased government funding.
The newspaper said British finance minister Rachel Reeves wanted to reduce state provisions to the company’s vaccine centre, which would cut the pledge made by the previous administration from about £90m to £40m.
The Treasury and the Department of Business and Trade have been approached for comment.
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