Olympics pays off early for UK economy

Olympics pays off early for UK economy

A four-year target of raising £11bn for the UK economy from deals signed during the London Olympics has been surpassed two years early, the British Prime Minister announced.

Contracts, sales and foreign investment linked to UK Trade and Industry’s (UKTI) British Business Embassy during London 2012 have passed £14bn this year, the second annual report on the legacy from the Olympic and Paralympic Games said.

The success demonstrates how hosting major sporting events can generate economic benefits, David Cameron said, as the Commonwealth Games opens in Glasgow today.

The report found £5.9bn of additional sales by UK companies as a result of UKTI activity, £3.58bn of Olympic-related access to high value overseas projects, and £4.72bn of additional foreign direct investment into the UK, with 55% of the projects outside London.

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