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London still benefitting

londonolympicslogoThe UK economy has seen a 9.9 billion trade and investment boost from the London Olympic and Paralympic Games, one year into a four-year programme of activity and events.

The boost comes from businesses securing contract wins, additional sales and new foreign investment in the last year, since UK Trade and Investment’s British Business Embassy at London’s Lancaster House hosted a Global Investment Conference and a series of 17 business events — the largest such programme ever held in Britain.

Further evaluation reports published by the British government and Mayor of London show strong progress against all the legacy commitments including:

* an increase in volunteering, halting the steady decline seen since 2005 — an event in the Queen Elizabeth Olympic Park is kick starting a summer of ‘Join In’ activity to encourage people to volunteer locally;

* 1.4 million more people playing sport at least once a week than in 2005 when the bid was won;

* the legacy of all the permanent venues on the Olympic Park secured within a year of the games — the park has started to reopen this summer with major sports, music and cultural events;

* an independent report projects that the total benefit to the UK from hosting London 2012 could reach up to 41 billion by 2020;

* 4 billion of investment into London, including projects outside the scope of UKTI figures;

* 70,000 workless Londoners helped into Games-related employment creating a labour market legacy.

British Prime Minister David Cameron said:

“This 9.9 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.

“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.

“But that’s not where the good news ends. The games are also delivering a strong social legacy. Last summer, Games Makers changed the way Britain views volunteering. Since then, thousands of people have been inspired to get involved with their local sports clubs. Tonight in the park, Join In will launch a summer of events, which will unleash an army of 500,000 people up and down the country to turn up, take part and Join In.”

Trade and Investment

UKTI’s target is to deliver 11 billion of economic benefit from the London 2012 Games by July 2016, from additional exports, investment into the UK and successful bids for high-value international contracts in a number of sectors.

One year on the London Olympic and Paralympic Games have helped to generate:

* 9.9 billion of economic benefit so far, including:

* 5.9 billion of additional sales from Olympic-related activity such as the British Business Embassy;

* 2.5 billion of additional inward investment into the UK since the Games generating more than 31,000 new jobs, with 58% of the value invested outside London; * 1.5 billion of Olympic-related high value opportunities won overseas.

* These figures include 120 million of contracts already won by UK companies for the Brazil 2014 World Cup and Rio 2016 Olympic and Paralympic Games, plus more than 60 contracts won by UK companies for the Sochi 2014 Winter Olympics and 2018 Russia World Cup.

Business Secretary Vince Cable said: “There is no doubt that the London 2012 Games proved a success story for British business. 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 of economic benefit from the Olympics. Reaching 9.9bn 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.”

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