A dream investment plan which could have heralded a new dawn for a south Cumbrian town ultimately had "feet of clay", says a despondent councillor.

On Wednesday pharmaceutical giant GSK announced it would no longer follow through with a proposed £350m expansion at its Ulverston site.

Speaking after a meeting which brought together councillors, GSK representatives and workers' unions, the former mayor of Ulverston described her bitter disappointment.

Ulverston town councillor, Pat Jones, said: "I was mayor of Ulverston between 2011 and 2012, I was the leader of this fairytale, I was the face of this. At the time we really believed it was possible.

"We were really proud to be part of it, but now it is feet of clay, and I'm so angry for the workforce and the town."

Six years ago there was a wave of enthusiasm which swept through Ulverston at the prospect of major investment.

GSK had planned to expand its site, building a new biopharm drugs facility, intended to be at the cutting edge of pharmaceutical innovation.

A statement released by the company explaining why it was no longer investing more into Ulverston read: "The company has also decided not to proceed with a previously planned investment to build a biopharmaceutical facility in Ulverston as it no longer needs the additional capacity."

Cllr Jones also expressed her concern for new homeowners who were attracted to the area on the promise of jobs, prosperity and new houses.

She said: "I think there will be some young people who have financed these houses, what are the going to do? They will be running now asking for their deposits back."

The head of housing at South Lakeland District Council, Jonathan Brook, has said that the future local plan for housing in the area will most likely be changed in the wake of GSK's withdrawal.