UK economy boosted £9.9 billion by Olympics: research
20 Jul 2013
The UK economy received a boost of £9.9 billion by way of trade and investment from hosting the 2012 London Olympic and Paralympic Games, according to research.
A report by the government department promoting UK businesses attributed contracts, sales and foreign investment in the last year to the Games.
However, the claims cut no ice with some economists and the Federation of Small Businesses.
Government estimates put the cost of hosting the Games at £8.9 billion.
According to prime minister David Cameron, "a lot of deals were done" around the time of the Olympics.
According to commentators though it would not do to dismiss benefit numbers out of hand, according to most economists they were deeply speculative, at best.
They say it would be wrong to say that the games brought no economic benefits, they indeed brought lots intangible benefits, for the public in addition to direct benefits.
However, the £9.9-billion figure released today was supposed to be the extra business for UK firms from 2012, in addition to the jobs and income that had been directly generated by building the stadium and other investments to prepare for the Games.
