Yahoo Finance Hollywood theme park in Bedford promises £50bn boost to Britain
A new Hollywood theme park near Bedford would deliver a £50bn boost to the economy, Universal has claimed.
The US film studio has outlined plans for its first theme park in Europe after buying a 480-acre plot of land in Bedfordshire.
New research commissioned by Universal shows the project could deliver an economic contribution of £35.1bn during construction and the first 20 years of operation.
In addition the theme park is expected to generate up to £14.1bn in extra tax returns for the Treasury over the same period.
The parks division of Universal, which is owned by US media giant Comcast, has acquired the site of a former brickworks south of Bedford as it looks to expand its global locations.
Universal runs theme parks in Hollywood and Orlando, as well as in Japan, Beijing and Singapore.
The company’s theme parks boast attractions based on its vast catalogue of films, including Despicable Me and the Jurassic Park franchise.
It also licenses some intellectual property from third parties, including Harry Potter.
In addition to rides and roller coasters, bosses are planning a 500-room hotel and a restaurant area.
The theme park will be open 365 days a year.
Universal’s economic impact analysis stated that the project will create 20,000 jobs during the construction period, with 5,000 workers on-site at its peak.
Once up and running, the company said the theme park will create 8,000 new jobs, with that figure rising over time.
Universal added that evidence from its other theme parks suggests that for every job created within the park, a further 1.5 jobs could be supported in the supply chain and other areas of the local economy, resulting in a potential 20,000 new jobs.
Page Thompson, president of new ventures at Universal Destinations & Experiences, said: “A world-class theme park and resort from Universal has the potential to generate billions in economic benefit for the UK, by creating thousands of high-quality jobs and attracting millions of new visitors to the country.”
A spokesman added that Universal had been engaging with Labour on the proposals and “we’ve been very pleased to have their strong support”.
The proposed site is located on the former Stewartby’s brickworks which was once the largest in the world producing 500m bricks per year.
The plant shut down in 2008 and the last of its original 167 chimneys were torn down in 2021.
Universal has said it chose the site due to its central location, with more than half the UK population located within a two-hour journey.
It also has good transport links to London and is close to Luton Airport.
The US company has yet to submit a planning application for the theme park.
The Government is expected to carry out a public consultation prior to any planning decisions.
