One of the largest ever investments in the UK tourism sector has been agreed between the British government and Comcast NBCUniversal to build an entertainment resort complex, called the Universal United Kingdom Resort. Comcast NBCUniversal has committed to invest £5bn (€5.78bn) in the resort complex during the expected five years of construction, as well as an additional £1bn in capital investment over the first ten years of operation.
Between construction and operation, it is expected to create 28,000 jobs across a range of industries, and is estimated to generate nearly £50bn (€57.8bn) of economic benefit for the UK.
The theme park and resort is expected to attract millions of visitors each year including more than a million additional overseas visitors.
Approximately 80% of employees at the theme park and resort are expected to come from Bedfordshire and the surrounding regions. Universal and the UK government are also cooperating to maximise benefits to local colleges and universities. Universal has committed to training opportunities for the next generation of its workforce, including through a range of apprenticeships and internships.
As part of its total £1.3bn investment, the government will provide a grant of £400m through the exceptional Regional Growth Fund and the Department for Culture, Media and Sport will provide a grant of £438m to invest in new community infrastructure to maximise the benefits of the development and support growth across the region. These grants will only be paid once Universal has completed the community infrastructure (in the case of the DCMS grant) and officially opened the theme park and resort.