NBCUniversal and the U.K. government have unveiled plans for a multibillion-pound Universal theme park and resort in Bedford, England that is set to be the largest visitor attraction in the U.K. and one of the largest and most advanced theme parks in Europe. Set to open in 2031, it will create nearly 20,000 jobs during the construction period, with a further 8,000 new jobs across the hospitality and creative industries upon its opening, according to a joint announcement.

Universal said it expects the new attraction to generate nearly 50 billion ($64 billion) for the economy by 2055, with 8.5 million visitors expected in its first year, which would make it the largest visitor attraction in the U.K. The development will be the first Universal-branded theme park and resort in Europe and will be part of a larger 476-acre entertainment resort complex. We could not be more excited to take this very important step in our plan to create and deliver an incredible Universal theme park and resort in the heart of the United Kingdom, which complements our growing U.S.-based parks business by expanding our global footprint to Europe, said Comcast president Mike Cavanagh, promising to create and deliver a fantastic new landmark destination.

The proposed plans from Comcasts Universal Destinations Experiences unit include a theme park with several themed lands featuring immersive storytelling, thrilling rides, innovative attractions and exciting entertainment, all utilizing sophisticated and advanced technology. Initial resort plans also include a 500-room hotel and a retail, dining and entertainment complex.

NBCUniversal, which has rights to Harry Potter park attractions, may look to port over its Wizarding World to the country that originally made the franchise a smash bestseller. (Right now, Warner Bros. Studio Tour in London offers a movies-themed Potter experience.)

Bringing a world-class theme park and resort to the United Kingdom is a tremendous opportunity and is part of our strategy to introduce the Universal brand and experiences to new audiences around the globe, said Mark Woodbury, chairman and CEO of NBCUniversals Universal Destinations Experiences unit.

The development of the theme park has been agreed upon between Universal, the Labour Party national government and the local council, namely the Bedford Borough Council, in a move that represents a major vote of confidence in the U.K. economy and the future of partnerships between the U.K. and the U.S., the parties said. Supporting the governments Plan for Change to create economic growth and opportunities by getting people into well-paid, decent jobs across the creative, technology, tourism and hospitality sectors, Universal has committed to working with local colleges and universities to train the next generation of its hospitality workforce, including through a range of apprenticeships and internships.

With approximately 80 percent of employees at the theme park expected to come from the local areas, the government of Prime Minister Keir Starmer said that the theme park will help unleash the potential of the Oxford-Cambridge corridor through growth, infrastructure revitalization and further job opportunities.

Said U.K. culture secretary Lisa Nandy: From Wicked to Minions, Universal is behind some of the biggest blockbusters of recent years. This landmark investment is fantastic news for our economy, for U.K. tourism and for the British public, who will be able to enjoy the biggest and best theme park in Europe on their doorstep.

Lauding the creation of new jobs across such sectors as AI, tourism and construction, Starmer said: Today we closed the deal on a multi-billion-pound investment that will see Bedford home to one of the biggest entertainment parks in Europe, firmly putting the county on the global stage. He added: It is not just about numbers; its about securing real opportunities for people in our country. Together, we are building a brighter future for the U.K., getting people into work and ensuring our economy remains strong and competitive.

Added Rachel Reeves, the U.K. chancellor of the exchequer, the equivalent of other countries treasury secretary or finance minister: At a time of global change, this investment is a vote of confidence in Britain as a place to do business. Universals investment will bring billions to the economy and create thousands of jobs to the U.K., putting more money in peoples pockets.

The proposals for the Universal theme park in the U.K. remain subject to a planning decision from the Ministry of Housing, Communities and Local Government.