Economic legacy

The economic legacy from London 2012 is estimated to have reached 13bn as UK companies capitalise on the events success to work on the Rio 2016 and Tokyo 2020 Olympics.

The UK has agreed to collaborate with Japan on planning the Tokyo 2020 Olympic Games and the 2019 Rugby World Cup, which is believed will lead to further benefits as a result of the success of the London Games.

The Toyko Games have the potential to be worth billions to the UK economy and supply chain deals could benefit SMEs, according to the department of Business, Innovation and Skills.

During the 2012 Games, UK Trade & Investment (UKTI) ran the British Business Embassy as a venue to welcome overseas trade ministers and business people.

Since the Games, 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.

Already UK companies have won 130m of contracts from the Brazil 2014 World Cup and the Rio 2016 Olympic and Paralympic Games.

An example of such a business to benefit is UK consultancy firm, Steer Davies Gleave. The company have worked on crowd flow analysis and transport planning projects for nine of the twelve proposed stadiums, including projects in Rio, Brasilia, Salvador, Recife, Manaus, Fortaleza and So Paulo as well as on the iconic Maracan Stadium in Rio.

Russias 2014 Winter Olympics in Sochi also brought contracts to more than 60 UK companies, most of them mid-sized businesses.

A report last year from the professional services group, Grant Thornton, on the longer-term impact of the 2012 Games, estimated the Olympics would be worth between 28bn and 41bn in gross value added to the UK from 2004 to 2020.

While the report added that high spending from overseas visitors in the UK for the Olympics meant that there was net economic growth of 600 million to the visitor economy during Games time.
 
The report also highlighted a number of other positive benefits aside from purely economic.

It said that more people are taking up sport because of the Games, with 1.5 million more adults participating in sport and recreational activity since 2005/06, while the Games increased enthusiasm for volunteering.

Lord Livingston, Trade and Investment Minister, said UK companies have shown their skill at staging large events through the London 2012 Games.

He said I am delighted that Japan has signalled that it wants to use UK expertise to help deliver both the Tokyo Olympics and Rugby World Cup.

Businesses can get in touch with UK Trade and Investment, who can provide support and advice on the opportunities available.

The delivery of London 2012 on time and under budget has shown the world that the UK has a significant amount of expertise in staging large scale events.

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