The UK government has committed £1.3 billion of taxpayer money to support the construction of Universal Studios' first European theme park in Bedfordshire. Chancellor Rachel Reeves hailed the deal, stating it will create tens of thousands of jobs across construction, hospitality, creative, and technology sectors.
Details of the funding package
The package includes £400 million from the regional growth fund, a £438 million grant from the Department for Culture, Media and Sport for community infrastructure, and an estimated £474 million from the Department for Transport for strategic road and rail projects. Comcast, the parent company of NBC Universal and Sky, will invest over £5 billion during the five-year construction period.
Job creation and economic impact
The government estimates the park will create 20,000 construction jobs and 8,000 permanent roles once operational. The resort, named the Universal United Kingdom Resort, is expected to open in 2031 and attract approximately 8.5 million visitors in its first year.
Comcast chairman Brian Roberts described the partnership as a historic moment, emphasizing the company's long-standing presence in the UK through Sky and NBC Universal. The company plans an additional £1 billion capital investment over the first decade of operations.
Oxford-Cambridge corridor developments
Reeves also announced fresh backing for a science supercluster along the Oxford-Cambridge corridor. This includes Homes England purchasing a former airfield east of Cambridge for housing, funding for a new exit at Bletchley station on the east-west rail line, and the creation of a development corporation for Greater Cambridge to accelerate growth.
Speaking at a Westminster conference, Reeves stated, "If we get this right, working together, this corridor will not just compete globally, it will lead globally."
