The economy has benefitted from a £11.06bn boost in trade and investment from the Olympic and Paralympic Games in London through businesses securing contract wins, additional sales and new foreign investment. It has taken just over a year to meet the four-year target.
The figure includes £130m of contracts won by UK companies for the Brazil 2014 World Cup and the Rio 2016 Olympic and Paralympic Games. More than 60 UK companies have also won contracts for the Sochi 2014 Winter Olympics, most of them mid-sized enterprises.
UK Trade & Investment‘s (UKTI) British Business Embassy at Lancaster House started the Olympic legacy drive last year by hosting a Global Investment Conference and a series of 17 business events.
The target was surpassed during the UK’s biggest-ever Export Week which has seen around 5,000 companies taking part in regional events to encourage UK companies to export and a raft of new deals signed up and down the country.
Trade and investment minister Lord Green said: “The delivery of London 2012 on time and on budget led to hosting nations turning to the UK to help deliver their own events with supply opportunities running into the billions. UK Trade & Investment has played a key role in helping British companies maximise these opportunities and the result is a £11.06 billion boost to the UK economy from the Games, reaching our four year target in just over a year.
“The UK’s future prosperity will not come from relying on domestic markets alone and we have seen a major push to encourage firms across the UK to sell overseas during our biggest Export Week yet.”