That is in addition to an estimated £7 billion ($9.34 billion/€8.22 billion) of direct expenditure-driven economic impacts.

Among the benefits of staging such events listed by the report is sport's wide reach, as events are typically broadcast around the world to many millions, as well as overseas visitors to the UK being attracted because of these competitions.

It also said events would engage local communities, improve perceptions through event experience and outreach programmes which frame the UK in a positive light, showcase world-class athletes and show off high-profile locations across the country.

UK Sport announced a new mission in May this year to create the "greatest decade of extraordinary sporting moments".

The 10-year strategic plan includes ambitions to host the 2030 FIFA World Cup as well as more than 40 World Championships in sports including athletics, boxing, wheelchair rugby and taekwondo.

Professional services firm EY produced the report, which also called for improved monitoring of the impact of events and showed that there was an opportunity for more partnerships between the public and private sectors.

"The findings of this report clearly demonstrate the huge value that major sporting events in the UK contribute to the economy," said Simon Morton, director of sporting system and events at UK Sport.

"It has been a pleasure to partner with the City of London Corporation and EY on this project and we hope the findings resonate far and wide.

"We can further build on the undeniable value of major sporting events in the UK by embarking on partnerships not just with the City of London but the business and private sectors as well. 

"Together this will help us further raise the global profile of the nation and drive significant social and economic benefits for those communities that act as host cities or towns.

"With the support of The National Lottery and Government, the UK has built a global reputation as a first-class destination for the biggest sporting occasions. 

"As part of our new ten-year strategic plan, we want to host a programme of inspirational major sporting events that will excite new audiences."

The UK hosted the London 2012 Olympics and since has held major events such as the World Athletics Championships in 2017, the World Gymnastics Championships in 2015 and the World Taekwondo Championships in 2019.

England and Scotland both held matches during the Euro 2020 men's football tournament earlier this year, and the women's European Championship is set for England in 2022.

The Birmingham 2022 Commonwealth Games and the Rugby League World Cup are also among the next set of major events set to take place in the UK.