London Games generated €11.4m for UK economy – Negative Época

The London 2012 Olympic Games generated around £9.9 million (€11.4 million) for the British economy, according to a report released on Friday (19/07) by the British government on the eve of the first anniversary of the competition.

According to the study, prepared by the UK Trade and Investment government body, the Games, which ran from July 27 to August 12 last year, attracted investment and generated business, while also boosting job creation.

The report also highlighted other legacies of the Olympic Games, such as the increase in sport in the UK and the number of volunteers at sporting events.

Liberal Democrat Business Secretary Vince Cable said that while some of the economic activity recorded would have been generated even without the Games, the majority was due to them. “The feedback we’ve had from the companies investing is that a lot of the negotiations have been taking place at events that we’ve run alongside the Olympics,” he explained.

Conservative Prime Minister David Cameron highlighted the positive effects of the event.

“Pumping £9.9 billion into the 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 jobs created, you have to think about the British,” he declared.

However, the chairman of the Federation of Small Businesses, Mike Cherry, said the impact of the games had been barely felt outside London, where “expected contracts have failed to materialise”.