The UK government will provide £1.3bn in public funding to help Comcast construct Universal’s first European theme park on the site of a former brickworks near Bedford, Chancellor Rachel Reeves announced Wednesday.
Speaking at the proposed site, where construction is due to begin soon, Reeves said the “landmark investment” in the Oxford-Cambridge growth corridor “will unlock nearly £50bn of economic growth and create tens of thousands of jobs across Bedfordshire in construction, hospitality, creative and technology sectors.”
The funding package includes £400m through the government’s regional growth fund, a £438m grant from the Department for Culture, Media and Sport for “new community infrastructure,” and £474m from the Department for Transport for strategic road and rail projects in the region, according to a government announcement.
The package expands on an initial £500m commitment revealed last June, which had focused on rail and road infrastructure including a station development at Wixams.
Comcast, the US media company that owns NBC Universal and Sky, had considered several European countries before settling on the Bedfordshire site, the company said. As part of the deal, Comcast has committed to investing more than £5bn during construction and an additional £1bn in capital investment over the resort’s first decade of operations.
The government said the theme park will create 20,000 construction jobs and 8,000 permanent jobs once operational.
Brian Roberts, chair of Comcast, described the partnership as “a special moment for our company” and said the company “looked forward to creating a spectacular destination that supports the UK creative industries and brings joy to millions for generations to come.”
The resort, to be named the Universal United Kingdom Resort, is expected to open in 2031 and attract about 8.5 million visitors in its first year, according to government projections.
Reeves also used the announcement to unveil further measures for the Oxford-Cambridge corridor. She said Homes England will buy a former airfield east of Cambridge to create new housing, and the government will fund a new exit at Bletchley station on the east-west rail line connecting the university cities. She confirmed a new development corporation with “powers, governance, and mandate to unlock strategic sites and to accelerate growth” will be established covering Greater Cambridge.