British Business - the real winner

There are long-lasting benefits for British businesses following the country's hosting of the London 2012 Games. That's the conclusion of a new report commissioned by Lloyds Banking Group.

Key Summary

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  • The London 2012 Games is expected to contribute £16.5 billion (2012 prices) to UK GDP, spread over 12 years.
  • Between 2005 and 2017, it is estimated that the 2012 Games will support the equivalent of 354,000 years of employment.
  • Of the GDP supported by the 2012 Games, 70% is estimated to be generated prior to and during the 2012 Games, with the remaining 30% expected to occur as part of its legacy.

A report called The Economic Impact of the London 2012 Olympic and Paralympic Games spells great news for businesses throughout the country. A number of long-lasting industry benefits are expected across many sectors and the report also highlights the sociological advantages London 2012 will make on the country.

The importance of the economic impact report's findings for British business can be highlighted by the country's role in world sport. At the start of what many commentators are calling a "golden decade of sport", the UK is hosting a number of sporting events over the next five years. These include:

  • the 2014 Commonwealth Games in Glasgow
  • Ryder Cup Golf at Gleneagles
  • the World Cups of both rugby codes
  • the 2017 IAAF Athletics World Championships.

Although none has the scale of the London 2012 Games, each will bring in its own economic benefits to businesses, infrastructure and industry. And as highlighted in the impact report, these benefits will not just be felt by those closest to the action.

The Economic Impact of the London 2012 Olympic and Paralympic Games, produced by Oxford Economics on behalf of the Bank, is split into six main areas:

  • The impacts and legacy of the construction activity
  • The impact and legacy for tourism
  • The impact of the London 2012 procurement processes, and its effect on direct and supply chain activity
  • National well-being and the "feel good" factor
  • The legacy impacts of training activity and employment
  • The impact of new London 2012 Games-inspired social housing and parkland.

To download your copy, visit http://www.lloydsbankwholesale.com/London-2012/economic-impact-report/

Extending Horizons

One of the main findings of the Economic Impact Report is that the legacy of the 2012 Games will be felt long after the last of the Olympians and Paralympians has left London.

To help showcase these benefits, Lloyds Bank Commercial Banking has created a guide called "Extending Horizons" which highlights both the business and sporting legacy of the London 2012 Games.

The guide is packed with tips and guidance to help British businesses of all sizes access growth opportunities, both within the UK and globally. Among the Guides' highlights are:

  • Olympic Legend and double Gold Medallist Daley Thompson discussing the benefit the 2012 Games will have on schoolchildren and the health of the nation
  • Olympic Delivery Authority chairman, Sir John Armitt, explaining how legacy and sustainability supported economic decisions throughout the 2012 Games construction process
  • Jon Tibbs of UKTI examining how even the smallest business can use the London 2012 Games to access opportunities across the world.

Download a copy of the guide.

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