London 2012: Ministers and businesses hope medal success will aid economy
Both ministers and businesses are hoping that Team GB's success at the Olympics will help boost the economy.
They hope the extraordinary Games will deliver a once-in-a-lifetime surge in confidence in Britain at home and abroad, boosting tourism, trade and investment.
However, there were fears in the City that the “golden dividend” will prove short-lived as recessionary reality kicks in after the athletes have gone home.
But with the country basking in the feel-good euphoria generated by its haul of gold medals, the Government believes its Olympic heroes will serve as “a fantastic advert for Britain for years to come”.
Culture Secretary Jeremy Hunt said: “We really want our gold medals to turn into gold for the economy — helping to boost trade and investment for Britain. So far the London Games have exceeded all expectations, and we expect them to bring in billions for the economy.”
Ministers believe the Games will generate £1 billion for the economy, with a further £10 billion in years to come.
Although the West End was much quieter than expected in the first week of the Games numbers are now recovering.
Richard Dickinson, chief executive of New West End Company representing traders in Oxford Street, Bond Street and Regent Street, said: “The images of London’s West End now being seen by billions around the world can only help attract new shoppers from Asia, South America and North Africa, bringing millions of pounds in till receipts over the next four years.”
But many City economists remained sceptical about the benefits. Howard Archer, chief UK & European economist at City forecasters IHS Global Insight, said: “Once the Games are over many people will remember they have not had a pay increase for a long time and still face difficulties paying the bills. Reality will hit home fairly soon.”
The Prince of Wales Stakes today is regarded by many as the No1 race of the Royal Ascot meeting and ...
by Gareth Purnell
19 June 2013 02:01 AM
Today’s St James Palace looks a cracker and there has been sustained money for Dawn Approach since t...
by Gareth Purnell
18 June 2013 02:01 AM
Newcastle don’t need a football director – they need a new medical team after finishing bottom of the injury league
Newcastle United have shocked their fans by appointing Joe Kinnear as director of football but new f...
by Alex Miller
17 June 2013 04:39 PM
ACT Brumbies v British and Irish Lions - player ratings
Premier League fixture list unveiled: David Moyes and Jose Mourinho on an early collision course
Liverpool expected to complete deal for £6m Spanish winger Luis Alberto in next 48 hours
In pictures: Royal Ascot 2013 - Opening day
Exclusive: Cristiano Ronaldo advised to stay at Real Madrid for further 18 months before making possible switch to Manchester United
- 1 Disability campaigners celebrate 'victory' after government rethink over plans to make it more difficult to claim disability benefits
- 2 'Jail reckless bankers': Report urges the Government to introduce new criminal offence for reckless management
- 3 Breaking the Silence: In the reality of occupation, there are no Palestinian civilians – only potential terrorists
- 4 Uri Geller psychic spy? The spoon-bender's secret life as a Mossad and CIA agent revealed
- 5 Vice pulls 'breathtakingly tasteless' fashion shoot glorifying the suicides of famous female authors from Sylvia Plath to Virginia Woolf