2012 Olympics give a £9.9 billion boost to UK trade and investments

Press Release   •   Jul 19, 2013 09:57 BST

The UK economy saw a £9.9 billion boost in trade and investment as a result of hosting the 2012 London Olympic Games, a report has found.

The report for the government and Mayor of London said new contracts, additional sales and foreign investment were behind the boost.

A year on, the Games remain a fond memory for most Britons who recall the triumphs of runner Mo Farah and cyclist Chris Hoy but have gone back to their daily routines in a country where the economy is showing signs of life after a long stagnation.

Independent estimates cited suggest the total benefit to the UK will be between £28 billion and £41 billion by 2020. Last autumn the government put the projected cost of hosting at £8.9 billion.

But while the figures show Britain well on the way to surpassing a target of 13 billion pounds in economic impact set by Prime Minister David Cameron ahead of the Games, economists had previously questioned the basis for government predictions.

They caution that it is difficult to quantify the exact economic impact of major sporting events like the Olympics and that the sums involved tend to be relatively modest.

As well as the financial impact of the Games, the report - Inspired by 2012: The legacy from the London 2012 Olympic and Paralympic Games - highlights its influence on sport and regeneration.

It also says the Games volunteers inspired more people to take up similar roles in their communities.

Figures aside, Britain looks to be well on the way to finding new uses for the expensive facilities built for the Games in east London, although there has been some grumbling over the deals struck.

Premier League football club West Ham United are to move into the Olympic Stadium in 2016, ensuring that it remains a part of the city's sporting landscape but securing only an initial 15 million pounds for a stadium that will have cost taxpayers more than 500 million.

For more information on the Oympics and their impact on the UK, see the latest research: London 2012 Olympic Games

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