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19 July 2013 | Adam Leach
UK businesses have used the attention on London for last summer’s Olympic games as a springboard into foreign markets by winning more than £1.5 billion in contracts, the government has announced.
Figures published today by UK Trade & Investment put the overall value of contracts won abroad so far as a result of the games at £1.5 billion. A significant proportion of the contracts have come from other large-scale international sporting events, with £120 million of contracts won for the 2014 Brazil World Cup and 2016 Rio Olympics.
Business secretary, Vince Cable, said: “There is no doubt that the London 2012 games proved a success story for British business. This has created a multi-billion pound business springboard to take British expertise to the world, and UKTI is working hard to make the most of this significant opportunity.”
Overall the total economic impact attributed to the games was calculated at £9.9 billion. In addition to the contracts won overseas, £5.9 billion came from additional sales from Olympic-related activity, such as through the British Business Embassy, which promoted UK industry when the Games took place. UKTI forecasted by 2020 the economic benefit could reach £41 billion.
Prime Minister David Cameron, said: “This £9.9 billion boost to the UK economy is a reminder to the world that, if you want the best, if you want professionalism, if you want jobs done on time and on budget then you should think British. With companies across the country we are harnessing the Olympic momentum and delivering the lasting business legacy of the Games that will help make Britain a winner in the global race.”