Universal Studios Bedford: "Money is tight, but it is important to invest in projects like this" says PM

The government has committed to supporting the project, despite citing a £22 billion “financial black hole” to justify wider spending constraints.

At the official announcement (April 9) of Universal Studios’ planned resort near Stewartby, Prime Minister Sir Keir Starmer was asked why the public should believe money is too tight for vulnerable households, yet available for corporate incentives of this scale.

Without giving a figure, Sir Keir Starmer said: “The way we fund a project like this, and have funded it, is to use government money to trigger private investment.

“So it triggers a sort of manifold of investment from the private sector, and then it generates huge numbers of jobs in all sorts of areas; construction, creatives, you name it.

“And that then will generate money for this local community for years to come in the wages.

“So yes, of course money is tight, but it is important to invest in projects like this that are going to bring a huge amount of money back into the economy generally,” he said.

HM Treasury said it had nothing to add after it was asked for the size of the public investment.

The government’s decision to withhold specific financial details may be due to ongoing negotiations, commercial sensitivities, or strategic considerations, but the Treasury did not respond when asked if it could give guidance on the decision not to disclose the costs.

Darwin Friend, head of research at the TaxPayers’ Alliance, said: “Taxpayers will be rightly concerned that ministers are refusing to reveal how much this scheme is set to cost.

“While Brits may understand commercial sensitivities, officials must remember they do not have a blank cheque and must account for every penny they hand over.

“Ministers need to come clean on how much cash is involved so taxpayers can decide whether it’s really value for money.”

MP Mohammad Yasin (Labour), from the neighbouring Bedford constituency, said: “This is a very exciting project, £50 billion for our economy, 8.5 million people in the first year will visit Bedford.

“Yes, the government has to make some difficult decisions, some of those decisions are affecting some people.

“But we’ve inherited a £22 billion black hole which nobody knew about, and we have to put the country back on track,” he said.

“I totally understand the frustration and difficulties [many] people are facing,” he said.

The MP explained that the extra £50 billion in the economy will enable the government to look after the “disadvantaged”.

The theme park project is predicted to generate 20,000 temporary jobs while it’s under construction, and 8,000 new jobs once operational.

A planning proposal will now be submitted to the government, and if approved construction will start in 2026.