A UK deal to secure the first Universal theme park in Europe will bring “growth, jobs and of course joy to Britain”, Sir Keir Starmer has said.
The resort in Bedfordshire is set to open in 2031 following an agreement brokered between the American company, the Government and the local council.
Announcing the plans on Wednesday, the Prime Minister sought to strike an optimistic note and talk up domestic strengths amid ongoing market turmoil following more of Donald Trump’s global trade tariffs coming into effect.
“It’s going to put Bedford on the map for millions of people – film lovers, people coming here for fun, people building their careers here,” he said during a visit to the town.
Sir Keir Starmer said the development would ‘put Bedford on the map’ for millions of people (Stefan Rousseau/PA)
“You know, people said to me, Government will be a roller-coaster, and I can testify to that.
“I don’t think this is quite what they meant. But look, this is our plan for change in action, bringing investment, bringing opportunity, growth, jobs, and, of course, joy to Britain.”
He added: “And of course, it will boost our world-class creative industries… And we are world class. We punch well above our weight.”
Sir Keir said there were “tough days” in Government, but that being able to launch the development of a theme park was “completely different”.
But the announcement coincided with the FTSE 100 tumbling 2.34% shortly after opening, wiping out most of the gains made on Tuesday.
Markets across the globe have faced further volatility since Tuesday evening amid fears of an escalating trade war after the White House confirmed that a punitive 104% rate on some Chinese imports would become a reality.
Ministers still hope an economic agreement with Washington can be reached to soften the blow of the 10% “baseline” tariff hitting UK goods, as well as the 25% import tax on cars and separate ones for steel and aluminium.
Speaking on Wednesday alongside the Prime Minister, Chancellor Rachel Reeves said the deal with Universal was “a real sign of confidence in the local economy and in the national economy”.
“I’m delighted that we’re able to make this announcement today, along with the amazing theme park, comes so much more,” she said.
“£50 billion benefit to the UK economy, 28,000 jobs in a whole range of sectors – obviously construction, that’s going to be a massive part of it in the next few years, but also then retail, hospitality, creative industries, performing arts – things that this country is brilliant at.”
The attraction will be one of the largest and most advanced theme parks in Europe, with 8.5 million visitors expected in its first year.
By 2055, Universal expects the 476-acre site near Bedford to generate nearly £50 billion for the economy, with a 500-room hotel and a retail and entertainment complex planned along with the theme park.
Prime Minister Sir Keir Starmer hosted Comcast Corporation president Mike Cavanagh in Downing Street after closing the deal (Stefan Rousseau/PA)
The Government has promised a major investment in infrastructure and transport around the site to support the delivery of the project and make sure it is easily accessible for visitors.
The project ties in with other work around the Oxford-Cambridge corridor, including support for the expansion of Luton Airport.
The proposals to transform the site, a former brickworks, remain subject to a formal planning decision process from the Ministry of Housing, Communities and Local Government.
Prime Minister Sir Keir Starmer examined an artist’s impression of the new theme park (Stefan Rousseau/PA)
The Prime Minister welcomed Mike Cavanagh, the president of Universal’s parent company Comcast Corporation, to Downing Street to mark the announcement.
He was shown a computer-generated image of the park, complete with rides, themed areas and a water show.
Universal theme parks in the US contain rides and attractions from its stable of big blockbusters and movie franchises, which includes Minions, ET and Jurassic Park, as well as Kung Fu Panda, Fast & Furious and Shrek.
Other Universal franchises include the Jason Bourne films, Jaws, Wicked and Back To The Future.
Mr Cavanagh said: “We could not be more excited to take this very important step in our plan to create and deliver an incredible Universal theme park and resort in the heart of the United Kingdom, which complements our growing US-based parks business by expanding our global footprint to Europe.”
Universal has five entertainment and resort complexes around the world – Universal Orlando Resort and Universal Studios Hollywood in the USA, Universal Studios Japan in Osaka, Universal Beijing Resort in China and Universal Studios Singapore.
Mark Woodbury, chairman and chief executive of Universal Destinations & Experiences, said: “Bringing a world-class theme park and resort to the United Kingdom is a tremendous opportunity and is part of our strategy to introduce the Universal brand and experiences to new audiences around the globe.”
Shadow business secretary Andrew Griffith said the previous Conservative administration “worked closely with Universal Studios to secure the land and help bring forward plans for the new park”.
He added: “We’re pleased that, despite Labour’s economic mismanagement, Universal Studios has committed to investing in Bedfordshire.”
