UK government to pay £1.3bn to help fund Universal Studios theme park in Bedfordshire

Chancellor hails deal saying it will create tens of thousands of jobs in the construction, hospitality, creative and technology sectors

Business live – latest update

British taxpayers will provide £1.3bn in funding to help Hollywood studio giant Universal build its first theme park in Europe.

Comcast, the US media company that owns NBC Universal and Sky, had been considering a number of countries in which to build its first European theme park.