Plans to build a Morrisons superstore in Stevenage have been scrapped due to rising financial costs.

The supermarket giant had been preparing to build the new store, with 5,326 sq m gross / 2,995 sq m net floorspace, on the corner of Cartwright Road and Wedgwood Way, after Stevenage Borough Council granted planning permission in May last year.

The multi-million-pound investment had promised up to 285 local jobs, but Morrisons has now scrapped the plans.

A spokesperson for the supermarket giant said: "Due to rising borrowing costs and build cost inflation, it is no longer commercially viable for us to progress the store.

"After exploring all potential options, we have reluctantly concluded that we are unable to proceed with our plans in Stevenage, and so we will not be pursuing this site further."