Unlock the publisher's digest free
Roula Khalaf, editor -in -chief of the FT, selects her favorite stories in this weekly newsletter.
British ministers conclude an agreement to obtain billions of investment books from the American media giant Comcast to build what could be the largest theme park in Europe in a disused Bedford Brickworks.
Universal, the themed parks company belonging to Comcast, is about to agree with a project that would see 500 acres of industrial land transformed into one of the best tourist destinations in Europe, according to several people close to talks.
An agreement could be announced next week, according to two people close to the negotiations, who have been underway since last summer. They have added that the activity of civil servants to conclude the agreement has accelerated in recent weeks.
Although it is not directly linked, the planned theme park would be linked to the wider ambitions of the government for the so-called “Oxford-Cambridge Arc»Region, including delivery of the East-West railway road and a Expansion of Luton airport Announced this week.
The Treasury was in negotiation with Comcast on a set of incentives – including improvements to local road and rail infrastructure – known in Whitehall under the name of “Project nectarine”.
The developers expect the theme park to draw millions of visitors each year, with around a third of the foreigner. The expansion of Luton airport is considered a key to increasing transport links to the site.
Rachel Reeves, Chancellor, is looking for good news after a wave of negative economic developments, including the taxation of US President Donald Trump prices on British exports.
The agreement will be a coup d'etat for Reeves while she is looking for flagship projects to underline the attractiveness of Great Britain for foreign investment. It would be a great commitment from an American company in the United Kingdom, where Comcast already has Sky, the broadcasting group.
Government sources said that the talks with Comcast were “underway and that nothing is agreed”, but people close to the discussions said it was hoped that an announcement would be made this month.
“It is in his last stages,” said a person involved in talks, who added that the moment of the announcement could slip given the last terms was being discussed.
Downing Street and Comcast refused to comment.
Comcast has acquired around 500 acres near Bedford as a potential site for the theme park, but has not yet become engaged in the program.
Managers have warned in the past that the group could find alternative sites in other European countries.
The program could generate nearly 50 billion sterling pounds of economic value for the United Kingdom in its construction and functioning during the first 20 years, according to the analysis carried out by universal destinations and experiences.
The theme park and the complex should support 20,000 jobs, with almost half of the employees directly and the rest providing services to provide the site. By virtue of universal analysis, the United Kingdom would take 14.1 billion additional pounds in tax during the 20-year period from the site.
The development work of the theme park, which would be modeled on the roller coaster and experiences in Universal parks in Orlando and Hollywood, could take up to six years. The field is already designated for economic development.
The Department of Culture, Media and Sport (DCMS) is the government sponsor for the project, but decisions on planning would be taken by the Ministry of Housing, Communities and Local Governments. The DCMS did not respond to requests for comments.
The donors of the Oxford-Cambridge growth corridor, which the government announced that it supported earlier this year, said that the universal theme park and the expansion of Luton airport would offer a new dynamic for the project.
Andy Williams, president of the SuperCluster Board box-cam-cam which represents a coalition of interest in industry, university and investors, added that the theme park would also help business Box to complete the last section of the east-west rail road between Bedford and Cambridge.
Additional report by Peter Foster
