London 2012 already delivered almost £10 billion to economy, says UK Government

Friday, 19 July 2013
By Emily Goddard

canary wharfJuly 19 - The London 2012 Olympic and Paralympic Games have already delivered a £9.9 billion ($15.1 billion/€11.5 billion) trade and investment boost to the United Kingdom economy just one year into a four-year programme, the Government confirmed today.

With a target of £11 billion ($17 billion/€13 billion) of economic benefit by July 2016, Britain is already closing in on that figure three years ahead of schedule thanks to £5.9 billion ($8.9 billion/€6.9 billion) of additional sales from Olympic-related activity and £2.5 billion ($3.8 billion/€2.9 billion) of additional inward investment since the Games, which has also generated more than 31,000 new jobs.

£1.5 billion ($2.3 billion/€1.7 billion) of Olympic-related business won overseas, including £120 million ($183 million/€139 million) in contracts for the Brazil 2014 FIFA World Cup, Sochi 2014, Rio 2016 and the Russia 2018 World Cup, also contributed to this figure.

"There is no doubt that the London 2012 Games proved a success story for British business," Business Secretary Vince Cable said.

"This has created a multi-billion pound business springboard to take British expertise to the world, and UKTI is working hard to make the most of this significant opportunity.

"UKTI has embraced the challenge of delivering £11 billion ($17 billion/€13 billion) of economic benefit from the Olympics.

"Reaching £9.9 billion ($15.1 billion/€11.5 billion) in the space of one year is an amazing achievement.

"I hope that companies of all sizes up and down the country follow suit and use the positive impact generated by the Games to reach out to new markets and grow their businesses."

olympics2 2279808b70,000 workless Londoners have found Games-related employment thanks to London 2012

Further evaluation reports also published today by the Government and Mayor of London indicate that 70,000 workless Londoners have gained Games-related employment to create a labour market legacy, while estimating that the total benefit to the UK from hosting London 2012 could reach £41 billion ($62 billion/€48 billion) by 2020.

"This £9.9 billion ($15.1 billion/€11.5 billion) boost to the UK economy is a reminder to the world that, if you want the best, if you want professionalism, if you want jobs done on time and on budget then you should think British," Prime Minister David Cameron said.

"With companies across the country we are harnessing the Olympic momentum and delivering the lasting business legacy of the Games that will help make Britain a winner in the global race."

As well as the financial impact, the report highlights the volunteering and regeneration impact of London 2012, including the fact that the legacy of all the permanent venues on the Olympic Park have been secured within a year of the Games.

Perhaps most importantly, the report adds that 1.4 million more people than in 2005, when London won the rights to host the Olympics and Paralympics, are playing sport at least once a week.

International Olympic Committee (IOC) President Jacques Rogge added: "A year ago, the London 2012 Olympic Games wrote a thrilling chapter in the annals of Olympic legacy.

"London's commitment to delivering a strong Games legacy was clear, and plans for sustainable legacies were explicitly detailed in the city's initial bid to host the Games.

"These 'happy and glorious' Games are now on their way to leaving a fantastic legacy that will benefit the population of London and beyond.

"The London 2012 Games have definitively served as a catalyst for development and improvements, both tangible and intangible, which would otherwise have taken decades to
achieve.

"There is no doubt that the citizens of London and Great Britain will benefit from the Games for a long time to come."

To read the full Inspired by 2012 report click here.

Contact the writer of this story at emily.goddard@insidethegames.biz


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