The Chancellor says "The Force" is strong in the UK as Disney's Lucasfilm takes advantage of the country's tax incentives.
Filming of the next Star Wars movie will take place in Britain, returning the franchise to its British roots.
The seventh film in the cult sci-fi series is due to start production next year and is planned for release in 2015.
The six previous Star Wars films were all partly filmed in the UK at several studios steeped in British cinematic history, including Pinewood, Elstree and Shepperton.
Disney's Lucasfilm president Kathleen Kennedy said in a statement: "We've devoted serious time and attention to revisiting the origins of Star Wars as inspiration for our process on the new movie, and I'm thrilled that returning to the UK for production and utilising the incredible talent there can be a part of that.
"Speaking from my own long-standing connection to the UK with films like Raiders Of The Lost Ark, Empire Of The Sun and recently War Horse, it's very exciting to be heading back."
Disney announced three new Star Wars films in October 2012 when it purchased George Lucas' Lucasfilm company for $4.05bn (£2.7bn).
Star Wars: Episode VII will be made by Emmy-award-winning director JJ Abrams next year and the three icons of the original Star Wars movies - Harrison Ford, Mark Hamill and Carrie Fisher - are expected to make a comeback.
It is hoped legendary Hollywood composer John Williams - the man behind the music for the iconic saga - will also return to write the score for the forthcoming Star Wars Episode VII.
It is being scripted by Toy Story 3 writer Michael Amdt, while Abrams, who was behind TV's Lost and was also picked to revive the Star Trek franchise has been described by Lucas as the "ideal choice" to direct the movie.
Since the first film was released in 1977, the Star Wars franchise has grossed more than $4.4bn at the worldwide box office.
The Chancellor, who helped seal the deal, hailed the move as a fresh coup for British tax breaks and tweeted: "Great news for our creative industries. May the force be with us."
In an official statement, Mr Osborne said: "Today's announcement that the next Star Wars film will be shot and produced in the UK is great news for fans and our creative industries, and it is clear evidence that our incentives are attracting the largest studios back to the UK.
"I am personally committed to seeing more great films and television made in Britain."
UK fans also took to Twitter to welcome the news, with one saying: "I may get to be a Jedi yet!", while another hopeful tweeted: "Where do I sign up for a part?"
Another wrote: "The force is coming home."
The deal to produce the next instalment in Britain was struck after Lucasfilm representatives met with Mr Osborne earlier this year.
Over the past five years the British film industry has received a boost after the Government offered lucrative tax breaks to filmmakers.
It is estimated that around 1,000 films - including the James Bond and Harry Potter film franchises - have taken advantage of the tax incentives.
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