Hollywood heavyweight Universal Studios is planning to build a 476-acre theme park in Bedfordshire that could “transform” UK tourism.

       Universal Destinations & Experiences bought the land at Stewartby in 2023 and while little progress has been made since, government backing could see its construction significantly sped up in the next few weeks.

       A report by Bloomberg has suggested that chancellor Rachel Reeves will grant approval to the delayed project alongside other beleaguered schemes including the expansions of Heathrow, Gatwick and Luton Airports.

       The “growth” speech, which will be delivered to Parliament in February, will be part of an urgent bid for expansion “after international markets cast doubt on the credibility of the UK’s economic plans” earlier this month, the outlet reported.

       They said the Universal Studios site would be “signed off” by the chancellor, citing anonymous sources who were “familiar with the matter”.

       READ MORE: I went to Universal Studios and saw show four years in the making — worth wait

       Universal Studios already has theme parks in China, Japan, the US and Singapore, with rides and attractions based on its wide entertainment portfolio, including Despicable Me, Fast & Furious and Harry Potter.

       Tourism minister Chris Bryant also heavily implied the plans would get underway shortly in a reply to Mid Beds MP Blake Stephenson in the Commons last week.

       He said: “I cannot enter into the precise details of the negotiations, but they are going well.

       “I am hopeful that this will be absolutely transformational for the British tourism industry if we manage to pull it off.”

       While details of the theme park are few and far between, Universal has revealed that the parcel of land it has acquired in Bedford is around 476-acres - a similar size to the company’s arguably most well-known park, its 541-acre complex in Orlando, Florida.

       A spokesperson has also described Bedford as an ideal development spot thanks to its travel links - fast rail connection to London and Luton Airport.

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       “More broadly, the UK is a very attractive market for a new theme park experience with its large population, creative industries, strong tourism, transportation infrastructure and links to Europe,” a letter distributed to locals last April read.

       Without going into specifics, they added: “Our project would have wide-ranging economic, social and cultural benefits both for, and well beyond, the local area, including for the wider region and country.”

       The studio giant has also stated its intention to apply for a special development order, giving the UK government powers over planning approval.

       “To have such a huge global brand like Universal Studios invest in Britain would be fantastic,” Bedford MP Mohammad Yasin told Bedford Today.

       Mayor Tom Wootton added that the project had “immense potential … to be transformative for the borough”, pledging to “ensure that any plans align with the best interests of our residents”.