Sky has been given the go-ahead to start work on a major new film and TV studio that is being dubbed "the British version of Hollywood".

Sky Studios Elstree will be within walking distance of the world-renowned Elstree Studios and feature nine sound stages, post-production facilities, a cinema and production offices over 32 acres.

The development is a joint venture between Sky, NBCUniversal and Legal & General and is expected to generate £3 billion of production spend and create more than 2,000 jobs in its first five years of operation.

Announcing the project, culture secretary Oliver Dowden said: "The film and TV industry plays a vital role in the UK's economy, with its programming keeping us informed, entertained and connected over the past few months.

"Sky Studios Elstree will become home to the best-loved films and TV shows of the future, championing British creativity on the global stage. It will also bring investment, jobs and opportunities to people across Hertsmere - cementing Elstree & Borehamwood's reputation as 'The British Hollywood'."

Construction on Sky Studios Elstree will begin this month ahead of its expected opening in 2022.