UK's economy strikes gold with Olympic legacy

The UK economy has seen a £9.9bn trade and investment boost from the London Olympic and Paralympic Games, according to a new report

Olympic Rings logo on the Tyne Bridge
Olympic Rings logo on the Tyne Bridge

The UK economy has seen a £9.9bn trade and investment boost from the London Olympic and Paralympic Games, according to a new report.

The boost comes from businesses securing contract wins, additional sales and new foreign investment in the last year, said the Government and London Mayor Boris Johnson.

The report said strong progress had been made against all the legacy commitments, including an increase in volunteering, halting the steady decline seen since 2005, 1.4m more people playing sport at least once a week than in 2005 when the bid was won, and the legacy of all the permanent venues on the Olympic Park secured within a year of the Games.

Independent research projects that the total benefit to the UK from hosting London 2012 could reach up to £41bn by 2020.

Prime Minister David Cameron said: “This £9.9bn boost 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.

“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.”

Business Secretary Vince Cable said: “There is no doubt that the Games proved a success story for British business. This has created a multibillion-pound business springboard to take British expertise to the world, and UK Trade and Investment is working hard to make the most of this significant opportunity.”

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