London 2012 Olympics ‘have boosted UK economy by £9.9bn’
London 2012 showed that Britain not only has world-class athletes but also the world-class expertise, knowledge and innovation to deliver the most high profile event in the world on time and on budget.
A government report attributes new contracts, additional sales and foreign investment in the last year to the Games.
Independent estimates cited suggest the total benefit to the UK will be between £28bn and £41bn by 2020.
London 2012 – Delivering the Economic Legacy shows that we are harnessing the Olympic momentum. One year on there is:
• £9.9 billion of economic benefit from Olympic-related activities,
• 31,000 new jobs,
• £5.9bn of additional sales from Olympic-related activity such as the British Business Embassy,
• £2.5 billion boost to inward investment,
• £120 million in deals from the upcoming World Cup and Olympic events in Brazil won by UK companies,
• 60 contracts won by UK companies for the Sochi 2014 Winter Olympics and 2018 Russia World Cup.
• The Supplier Recognition Scheme – a deal which for the first time allows UK-based suppliers to London 2012 to reference their work on the Olympics in their promotion and marketing.
In the last year UK Trade & Investment (UKTI) has delivered a programme of trade missions, events, exports and marketing advice for UK companies with a focus on high value opportunities in Olympic related sectors such as global sports, infrastructure and security. The whole of Government has worked with thousands of British firms as we follow up the contacts, networks, announcements and momentum created by the Games.
Olympic Legacy Reports
DCMS are publishing a report Meta-Evaluation of the Impacts and Legacy of the London 2012 Olympic Games and Paralympic Games: Post-Games Initial Evaluation produced by an independent consortium led by Grant Thornton. This report pulls together evidence and data to provide an assessment of impacts of the Games up to the end of 2012 across the four legacy themes of sporting legacy, economic impact, community engagement and East London regeneration along with the cross-cutting themes of disability and sustainability.
The Government and Mayor have established a joint legacy programme to maximise the benefits of the London 2012 Olympic and Paralympic Games for London and the whole of the UK.
The report Inspired by 2012: The legacy from the London 2012 Olympic & Paralympic Games sets out progress against the legacy programme.
The Prime Minister, Boris Johnson and Lord Sebastian Coe met with four companies that supplied London 2012 at the Queen Elizabeth Olympic Park to discuss the report.
Nick Reynolds, Senior Principal and Director at Populous commented:
“Populous is a global design company that specialises in the design of sports and entertainment venues. It spent a decade working on the design of the London 2012 Olympic and Paralympic Games, starting with the original London 2012 bid book, followed by work on the masterplan, the design of the Olympic Stadium itself, and eventually the design of the temporary overlay venues.
Its involvement continues to this day with the transformation of the Olympic Stadium into a world-class football stadium and events space.
Populous’ portfolio includes two other Olympic Stadiums – Sydney 2000 and Sochi 2014 – and it has been involved in no less than 10 Olympic Games.
Recognised internationally as one of the most innovative companies in architecture, Populous opens locations to the world, creating iconic, innovative, flexible and sustainable venues that enhance the fan experience and provide an enduring sporting, cultural and economic legacy.”
During the 2012 Games, the British Business Embassy formed the centrepiece of our Olympic legacy strategy. It ran a programme including the Global Investment Conference and a series of Global Business Summits. International trade and inward investment deals worth £11 billion were expected to be generated as a result of London 2012 and the events held at the British Business Embassy during the Olympics and Paralympics.
Rio 2016 Contracts Toolkit and Global Sports Event lifecycle Mapping
UKTI is working to provide UK companies with support in accessing commercial opportunities arising from the next generation of global sports events, as part of the effort to deliver the ‘business legacy’ from hosting the London 2012 Olympic and Paralympic Games.
Discover how UKTI can help you win business from future major sports events.
UKTI’s Host2Host programme maximises the economic benefits of hosting the 2012 Games, by creating links and sharing best practice with previous and future host cities of Olympic and Paralympic Games and other major sporting events.
During the London 2012 Games UKTI signed a Memorandum of Understanding (MOU) to develop deeper relations between the UK and Taipei City as it prepares to deliver the 2017 Universiade. The MOU will help UK companies to capitalise on business opportunities associated with future global sporting events including the 2017 Universiade, for which contracts are expected to total £750 million.
Beyond 2012 – The London 2012 Legacy Story
Beyond 2012 – The London 2012 Legacy Story a publication from DCMS about the ongoing legacy of the London 2012 Games