News article

UKTI announces almost £10 billion economic boost from London 2012

This world location news article was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

Our ‘London 2012: Delivering the Economic Legacy’ progress report highlights the progress we have made one year on from the Olympics.

The successes detailed in the report were highlight by the Prime Minister when he met with companies that have benefited from UKTI assistance, including Mace, Arup and Arena Group.

The report is excellent news for UKTI. We are already delivering 90% of our four year target of economic benefits deriving from the Olympic Legacy Strategy, having realised a total of £9.9bn in the first year since the games. This is a real testament to the hard work and commitment of the entire UKTI network to capitalise upon the Olympic ‘bounce’.

Some of the achievements include £9.9 billion of economic benefit from Olympic-related activities and a £2.5 billion boost to inward investment. The report details how the UKTI network has worked to achieve this success. There are also a number of case studies and video success stories.

Looking ahead to future sporting events, 60 contracts have been won by UK companies for the Sochi 2014 Winter Olympics and 2018 Russia World Cup. UKTI’s Global Sports team have also launched the Rio 2016 Procurement Toolkit, a practical insight into and a general overview of the procurement rules and procedures applicable in Brazil, and the Sports Life Cycle Mapping Tool, which provides a detailed map of specific opportunities arising in key target markets.

The team at UKTI are not the only ones celebrating the legacy of the games. More than 12,500 members of the British public took part in the Anniversary Run on 21st July, which entailed an 8km run around the newly-reopened Queen Elizabeth Olympic Park.