Chancellor backs £1.3bn public subsidy for Universal Studios European debut
The Universal United Kingdom Resort near Bedford will receive £1.3bn in state support, with Chancellor Rachel Reeves citing nearly £50bn in projected economic growth for the Oxford-to-Cambridge corridor.
The UK government has finalised a £1.3bn funding package to support the construction of Universal Studios’ first European theme park, the Universal United Kingdom Resort, located near Bedford. Chancellor Rachel Reeves announced the agreement at the former Kempston Hardwick brickworks site, confirming that public funds will underpin the development of the entertainment complex.
The support package is distributed across three primary streams. The Department for Culture, Media and Sport will provide a £438m grant to fund new community infrastructure, while the Department for Transport will allocate £474m toward strategic road and rail projects, including a station development at Wixams. An additional £400m is being drawn from the regional growth fund to bolster local economic development.
Comcast, the US media conglomerate that owns NBCUniversal and Sky, has committed to investing more than £5bn during the five-year construction phase. The company also pledged an additional £1bn in capital investment over the first decade of operations. This decision follows a period where Comcast evaluated several international locations before selecting the UK site, leveraging its existing long-standing relationship with the British market through its ownership stakes in Sky and NBCUniversal.
Reeves described the project as a landmark investment in the heart of the Oxford-to-Cambridge growth corridor, stating it would unlock nearly £50bn of economic growth. The government projects the resort will generate 20,000 jobs during the construction period and create a further 8,000 operational roles once the facility is open. The development is scheduled to welcome approximately 8.5 million visitors in its first year of operation.
Brian Roberts, chair of Comcast, characterised the deal as a historic partnership, noting the company’s intention to support the UK creative industries. The initial public investment framework for the site was revealed last June, with talks regarding the scale of assistance continuing until the current announcement was made.