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A deal to secure the first Universal theme park in Europe has been closed by the Government in the hope it will generate tens of billions of pounds for the economy.
The resort in Bedfordshire is set to open in 2031 following an agreement between Universal, the Government and the local council.
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.
The announcement is a boost for Sir Keir Starmer’s Government after US President Donald Trump’s tariffs have sent stock markets on a rollercoaster ride.
The Prime Minister said the attraction will create around 28,000 jobs – 20,000 in the construction period and 8,000 working on the site when it opens to visitors in 2031.
“It is not just about numbers; it’s about securing real opportunities for people in our country,” he said.
“Together, we are building a brighter future for the UK, getting people into work and ensuring our economy remains strong and competitive.”
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.
Chancellor Rachel Reeves said the investment is “a vote of confidence in Britain as a place to do business”.
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.”