Universal Studios London theme park would boost UK economy by $50bn

Comcast (NASDAQ:CMCSA) owned Universal Studios  has revealed that its planned new theme park in Bedfordshire could deliver a £50 billion boost to the British economy.

The proposed development is intended to span 192 hectares, rising potential to 217 hectares, and would also include a 500-room resort hotel, restaurants and theme park attractions.

Universal’s economic impact assessment report envisages that the theme park construction will create 20,000 jobs and, once in operation, it will support 8,000 permanent jobs – which the American firm has pledged to pay the ‘living wage’.

Projections see the theme park attracting millions of visitors annually, of which around a third are expected to be from overseas.

Modelled on a year-round, 365 day, schedule the project has an estimated net economic contribution of £35.1 billion over its first 20 years, plus a further £14.1 billion would be additionally generated in taxes.

Universal believes it has strong backing from local communities and MPs, with a survey finding that 92% of people are in support of the propsed theme park.

It comes as Universal is currently building a brand new and ambitious third theme park in Orlando, Florida, positioning its theme park business as a more competitive rival to Disneyworld.

Universal similarly has a rival park in California, where it competes with Disneyland.

With a park on the outskirts of London, Universal would be looking to compete with Disneyland Paris and domestic parks such as Alton Towers and Thorpe Park.

Disneyland Paris attracts more than 15 million theme park visitors, and Disney has eight resort hotels at the Paris parks.