The ‘Olympic effect’ could bring revenues as high as £16.5 billion and more than 62,000 jobs to the UK, with contractors working for umbrella companies poised to capitalise on the knock-on effect brought by the Summer Games.
A recent survey from Lloyds Banking Group said that billions of pounds are set to pour into the economy, with the lion’s share coming in from the tourism and construction sectors. The entirety of the UK is set to benefit in addition to London, according to the Lloyds survey, with the capital contributing around £6 billion in revenue with the remainder coming in from the regions. The Olympics, which begin in less than a month, will also provide massive employment opportunities both in the capital and around the country, the financial services provider added.
Lloyds Banking Group’s chief economist, Patrick Foley, said that the UK economy will be given a key and crucial boost from the 2012 Summer Games being hosted by London. Calling the Olympics the most important event of its kind that the country has ever hosted, Mr Foley said that the economic impact is overwhelming as well, especially with construction efforts needing massive numbers of permanent and temporary workers in order to complete preparations.
The effect of the Olympics will be a long-term one, the chief economist added, as living standards, consumer spending, tourism, and employment will all be able to ride a strong wave for quite some time to come. With the economic conditions in the UK being what they currently are, this boost comes at the perfect time for the British consumer, Mr Foley added.
