Chancellor Rachel Reeves said a £500m private investment by a US company in a UK research campus was a “real show of confidence in what this government is doing”.

The investment from San Francisco-based developer Prologis, announced days after Reeves’ budget, will fund a 115,000 square foot (10,684 m²) expansion of its Cambridge biomedical campus.

The campus already supports more than 22,000 jobs and generates £4.2 billion a year for the UK economy.

Ms Reeves said the expansion would help “support the growth of Britain’s life sciences industry”.