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  • Comments: 0
  • 23 July 2014 00:00
  • in Olympics
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  • Last Modified: 23 July 2014 05:10
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Economic boost from London 2012 passes £14 billion reveals new legacy report

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The UK economy has seen a trade and industry boost in excess of £14 billion following the London 2012 Olympics and Paralympics according to the Government’s second annual report on the legacy of the Games. 

The £14.2 billion figure means that the UK economy has beaten the four year target of £11 billion in half the time.

The figure comes from businesses securing contract wins, additional sales and new foreign investment in the two years since London 2012.

The second annual report on the successful legacy of London 2012 comes out two years on from the Games as the Glasgow 2014 Commonwealth Games get underway in Scotland.

Amongst various findings, the report highlights how hosting major sports events can bring about benefits that improve people’s lives and help sell the best of Britain to the world.

Prime Minister David Cameron told business and Commonwealth leaders in Glasgow that the report illustrates the contribution that major sports events have made and continue to make to the UK.
"Part of our long-term economic plan is about promoting every part of our country to the world and Glasgow’s Commonwealth Games will give us another fantastic platform to do this,” said the Prime Minister. 

"It follows on from London 2012, which was not just an amazing sporting event, but also a great opportunity to secure a lasting economic and sporting legacy for the whole UK.

"I am confident we can build on our experience in London and make Glasgow 2014 so much more than just an amazing sporting event.”

The Prime Minister also announced new trade and investment deals worth over £200 million, creating or safeguarding more than 500 UK jobs.

Secretary of State for Culture, Media and Sport Sajid Javid also praised the findings of the report.

"The legacy from the London 2012 Olympic and Paralympic Games is going from strength to strength with the economic, sporting and social benefits being felt by communities across the country,” said Javid.

"I am sure that the legacy from Glasgow 2014 will build on this further and that the Commonwealth Games in Glasgow will be a fantastic event that inspires many to get involved in sport.”

The report address many aspects of the London 2012 legacy, including an economic legacy that has seen UK firms win contracts to help stage major sporting events, such as the £150 million worth of business won by 40 companies for the Brazil 2014 World Cup and Rio 2016 Olympics.

In addition, international visits to the UK have increased by 6% in 2013 to 33 million, with a 13% increase in visitor spend to £21 billion.

The sport and healthy living legacy shows that more people playing sport than ever before with 15.6 million people aged 16 and over play sport once a week – 1.7 million more than in 2005 when London won the bid to host the 2012 Games.

An additional year’s funding for primary school sport, bringing the total investment to over £450 million from September 2013, is designed to ensure that children get an excellent experience of sport early on in life while a new £18 million National Lottery fund has been launched to improve sports facilities in primary schools. 

The Government and Mayor of London’s ‘Moving More, Living More’ initiative has been launched to help tackle physical inactivity while  over 16,000 community sports facilities have been upgraded so far through Sport England’s Inspired Facilities Fund.

There has also been a strong Paralympic legacy with Sport England committed to investing over £170 million in disability sport between 2013 and 2017.

National Paralympic Day will be held on Queen Elizabeth Olympic Park on August 30 (with festivals also taking place in Birmingham and Liverpool, whole Stoke Mandeville will have a role in all future Paralympic flame ceremonies.

"This report shows just how much is happening across the country to keep the spirit of London 2012 alive 2 years on from the Games,” said the Prime Minister’s Olympic and Paralympic Legacy Ambassador Lord Sebastian Coe. 

"The country has taken the inspirational performances of our athletes and the uplifting public spirit seen during those few weeks in 2012, and built on it, whether through community projects, volunteering, and new sporting facilities, or through new ways of working together and improved trade relationships.

"This report celebrates some of those achievements, but there are many more examples happening all across the country.

"I look forward to the next 12 months of this legacy journey.

The report also highlights the regeneration of East London with the transformation of Queen Elizabeth Olympic Park now complete, parkland and venues re-opened and Olympic Stadium conversion work now well underway.

There have been over one million visitors to Queen Elizabeth Olympic Park since it reopened while 2,800 homes have been converted from the Athletes’ Village to residential housing.

There has also been a strong volunteering legacy from the Games with the ‘Join In’ volunteering charity having supported 10,000 local events across the country in summer 2013. 

The Rugby League World Cup 2013 and Tour de France Grand Depart 2014 recruited a total of 17,000 volunteers while the Rugby World Cup 2015 is recruiting 6,000 volunteers.

Elsewhere the Spirit of 2012 Trust, established in November 2013 by Big Lottery Fund with endowment of £46 million, is using proceeds from the sale of the Olympic and Paralympic Athletes’ Village to support sport, arts and volunteering projects across the country.

To read the full Inspired by 2012 legacy report on the Olympic and Paralympic Games, Click Here 

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