The blockbuster is set to start shooting at Sky Studios Elstree later this year

Hollywood blockbuster Jurassic World will be shot in the UK after the Chancellor announced a 40% business rates cut in the Spring budget.

The much anticipated fourth installment of the Jurassic World franchise is set to start shooting at Sky Studios Elstree, Hertfordshire, later this year, before releasing in theaters in 2025.

It comes after Jeremy Hunt announced in yesterday’s budget that the Government will provide eligible film studios in England with 40% relief on their gross business rates until 2034.

The move is expected to bring in millions of pounds worth of investment to the industry, with Mr Hunt claiming that the UK has become ‘Europe’s largest film and TV production centre’.

The Chancellor added: ‘Studio space in the UK has doubled in the last three years and at the current rate of expansion, next year we will be second only to Hollywood globally.’

Dana Strong, chief executive of Sky, welcomed the decision. She told The Times: ‘We’re delighted the chancellor called ‘cut’ today on TV and film studio business rates, providing vital tax relief to enable the UK’s world-class film and TV production sector to continue to thrive.

‘Today’s announcement brings confidence to the sector, unlocking job opportunities whilst providing a stable foundation for the investments of tomorrow in the UK, such as our proposal for Sky Studios Elstree North and the filming of NBC Universal’s Jurassic [sequel].’

Sir William Sargent, chief executive of VFX company Framestore, added: ‘Before today’s announcement it would have been likely that the VFX on would have left the country. The new arrangements mean it will probably stay in the UK.’

Mr Hunt previously spoke of his aspiration to entice film studios to invest in the UK film industry and joked that he wanted to see ‘a Sunderland Barbie’.

‘We have been having very good discussions with the people who are hoping to invest here.

‘All I will say is, this year’s California blockbuster was shot in Hertfordshire — next time, let’s have a Sunderland Barbie.’