A result of Farahat and Higman shows that there is a "universal" algebra, FH, interpolating the centres of symmetric group algebras, Z(ZSn). We explain that this algebra is isomorphic to R ⊗ Λ, where R is the ring of integer-valued polynomials and Λ is the ring of symmetric functions. Moreover, the isomorphism is via "evaluation at Jucys-Murphy elements", which leads to character formulae for symmetric groups. Then, we generalise this result to wreath products Γ ≀ Sn of a fixed finite group Γ. This involves constructing wreath-product versions R Γ and Λ(Γ * ) of R and Λ, respectively, which are interesting in their own right (for example, both are Hopf algebras). We show that the universal algebra for wreath products, FH Γ , is isomorphic to R Γ ⊗ Λ(Γ * ) and use this to compute the p-blocks of wreath products.