In an exciting turn of events, UK ministers are reportedly nearing a significant deal with American media titan Comcast to develop what is projected to become the largest theme park in Europe. This ambitious project is planned to take shape in a previously unused brickworks site in Bedford, which spans approximately 500 acres.

According to insiders familiar with the negotiations, the Universal theme parks division of Comcast is in the final stages of discussions, with an announcement potentially forthcoming as early as next week. These negotiations have been actively pursued since last summer, with increasing urgency observed recently from government officials seeking to finalize the deal.

While the theme park initiative is not directly linked to current government projects, it aligns quite well with broader governmental aspirations for the so-called ‘Oxford-Cambridge Arc’. This region is poised for significant development, including the much-anticipated East-West Rail route and an extensive expansion of Luton Airport, both of which were highlighted in announcements made this week.

As part of the negotiations, the UK Treasury has been discussing a range of incentives with Comcast, including plans for local road and rail infrastructure enhancements, which are informally referred to as “Project Nectarine” within Whitehall. The anticipated theme park is expected to attract millions of visitors each year, with about one-third of them coming from abroad, thus boosting local tourism significantly.

The expansion of Luton Airport is seen as pivotal to improving transport access to this prospective site, further facilitating the expected influx of tourists.

Rachel Reeves, the Chancellor of the Exchequer, is actively seeking positive news amidst a series of recent economic setbacks, including the imposition of tariffs on UK exports by former President Donald Trump. Securing this deal would represent a considerable victory for Reeves, as she endeavors to showcase flagship projects that highlight the UK’s appeal to foreign investors. This development would mark a substantial new investment commitment from a US-based company, particularly as Comcast is already established in the UK through its ownership of the broadcasting group Sky.

Despite the excitement surrounding the negotiations, government sources caution that discussions with Comcast are still ongoing, and as of now, “nothing is agreed.” However, those close to the negotiations express optimism that a formal announcement could be made later this month. One involved individual noted, “It’s in its final stages,” while also acknowledging that the announcement timeline might be subject to change due to ongoing discussions regarding the final terms.

Both Downing Street and Comcast have refrained from commenting on the matter, heightening speculation regarding the potential deal.

Comcast has already acquired approximately 500 acres in the Bedford area, earmarked as a prospective site for the theme park; however, they have yet to make a definitive commitment to the project. Executives from the company have previously indicated that alternative locations in other European countries could be considered if negotiations do not reach a satisfactory conclusion.

According to an economic analysis conducted by Universal Destinations & Experiences, the theme park could generate nearly £50 billion in economic value for the UK over its first two decades of construction and operation. The project is projected to create around 20,000 jobs, with nearly half of those positions directly related to the theme park operations, while the remainder would be composed of supporting businesses that cater to the site. This development is also expected to yield an additional £14.1 billion in tax revenue for the UK during the same 20-year period.

Modeled on the thrilling roller coasters and immersive experiences found in Universal's renowned parks in Orlando and Hollywood, the development work for this theme park could take up to six years to complete. Fortunately, the land where the park is proposed is already designated for economic development, which streamlines the process.

The Department for Culture, Media and Sport (DCMS) serves as the governmental sponsor for this ambitious project. However, it will be the Department of Housing, Communities and Local Government that ultimately makes decisions regarding planning permissions. At this time, DCMS has not responded to requests for comment regarding the project.

Supporters of the Oxford-Cambridge growth corridor, which received government backing earlier this year, are optimistic that the Universal theme park, along with the Luton Airport expansion, will inject new momentum into the project. Andy Williams, chair of the Ox-Cam supercluster board comprising various industry, university, and investor interests, emphasized that the theme park would bolster the business case for completing the final segment of the East-West Rail route, which connects Bedford and Cambridge.

Additional reporting has been contributed by Peter Foster.