Wednesday 23 July 2014 09:53, UK
The 2012 Olympic and Paralympic Games have helped boost the UK economy by £14.2 billion, according to figures released today.
A four-year target of £11 billion had been set but that has already been surpassed and it is hoped the Commonwealth Games, which begins in Glasgow today, will also prove to be a success.
The second annual report on the legacy of the London Games has been released and shows how hosting the Olympics helped the country secure business contracts, additional sales and new foreign investment.
Responding to the report, Business Secretary Vince Cable said: “The delivery of London 2012 on time and on budget led to hosting nations turning to the UK to help deliver their own events with supply opportunities running into the billions.
“UK Trade & Investment has played a key role in helping British companies maximise these opportunities and the result is a £14 billion boost to the UK economy from the Games.
“The UK’s future prosperity will not come from relying on domestic markets alone and during the Commonwealth Games we are giving another major push to encourage firms across the UK to sell overseas and foreign businesses to invest here.”
Lord Coe, who was chairman of the London Organising Committee and is now the Prime Minister’s Olympic and Paralympic Legacy Ambassador, was also delighted with the financial benefits being enjoyed due to the success of the Games.
“This report shows just how much is happening across the country to keep the spirit of London 2012 alive two years on from the Games,” he said.
“The country has taken the inspirational performances of our athletes and the uplifting public spirit seen during those few weeks in 2012, and built on it, whether through community projects, volunteering, and new sporting facilities, or through new ways of working together and improved trade relationships. “
Mayor of London Boris Johnson was also keen to highlight the ongoing benefits of hosting the Olympics, including the regeneration of Stratford and the surrounding areas of east London.
“By common consent, London wowed the world when it staged the 2012 Olympic and Paralympic Games,” he said.
“Two years on from that golden summer we are accelerating the transformation of Stratford and beyond.
“Queen Elizabeth Olympic Park is now reopened and ambitious plans are in place to develop a constellation of educational, artistic, technology and cultural institutions on the site to strengthen our lead as a global force in these sectors and deliver tens of thousands of jobs.
“This is a living legacy that is reaping economic and social dividends not just here in London but across the UK.”
