Universal's first UK theme park set to boost economy by nearly £50billion

The construction of the Bedfordshire site would also create 20,000 jobs in the long-term, according to a report commissioned by the company

Universal has revealed its grand plans for the UK's first theme park, saying it'll be a near £50billion boon for Britain's economy.

Owned by the media giant Comcast, which is also the parent company of Sky, Universal Destinations and Experiences snapped up a massive 476-acre plot in Kempston Hardwick, Bedfordshire, previously home to a brickworks, just last year. They're plotting to transform this vast space into a top-tier theme park resort and have already kicked off consultations with local residents and government.

A new report, commissioned by Universal, found that the project would create 20,000 jobs in the long haul, with a peak of 5,000 hard hats on site during the building work. Once the gates open, the resort is set to offer up to 8,000 new posts across a spectrum of roles.

The study goes on to say that over the span of two decades, the project could generate more than £49billion into both the local and national economy. This included a £35.1billion contribution through the construction process and its first 20 years of operations. It was also expected to generate up to £14.1billion in extra cash returns for the Treasury for the same period.

Universal has given the thumbs up to a year-round opening schedule, keeping pace with their other global hotspots. Page Thompson, president of new ventures at Universal Destinations and 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."

The firm engaged in a month-long public consultation process for its plans beginning in April. It's believed that Universal will likely apply for planning permission directly from the government using a special development order (SDO) later this year. If approved, the construction of the site is expected to take a minimum of five years.