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

The investment by San Francisco developer Prologis, announced days after Reeves’ budget, will fund a 10,684 sq m (115,000 sq ft) expansion of its Cambridge biomedical campus.

The campus already supports over 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 the life sciences industry in the UK”.