Olympics legacy: London 2012 Games have given UK £10bn windfall already, say ministers

 

Chief Reporter

Lavish hospitality laid on for foreign dignitaries and businessman during the London Olympics has helped British companies secure contracts and agreements abroad worth £1.5bn in areas including oil drilling in Brazil and nuclear power in Jordan.

A government report into the economic legacy of the 2012 Games published today estimates that the sporting extravaganza has garnered a £9.9bn windfall in trade and investment for the battered economy, potentially rising to £41bn by 2020.

The study highlights the importance of the British Business Embassy, held in the chandelier-bedecked surroundings of Lancaster House where delegations from Brazil to China were schmoozed last summer with Michelin-starred cuisine to help win new deals.

The Independent revealed last year that the Government had drawn up a list of 50 investment projects around the world – ranging from controversial oil exploration in Kazakhstan to building Russian railways – which ministers and officials were expected to target during the Games.

The report by UK Trade and Investment said that in the 12 months since the Olympics and Parlaympics, “High Value Opportunity” contracts worth £1.5bn had been won in locations including Singapore and Saudi Arabia due to “credentials established through London 2012 and UKTI-led events”.

The agency said an energy forum at the “Embassy”, attracting more than 570 delegates, had helped lay the groundwork for contracts including £950m of business related to oil drilling in Brazil and Nigeria. Delegates from Jordan and the Czech Republic, where Britain is working to develop civil nuclear programmes, also attended events at the building. A separate event at Lancaster House also helped secure a deal with India to co-operate on urban planning.

The “Embassy” in Lancaster House was an attempt to rekindle the success of events such as the 1951 Festival of Britain by presenting a “showcase of national enterprise and innovation”. Visitors were presented with tablet computers highlighting British products and promised “visionary menus and food presentations”.

Vince Cable, the Business Secretary, 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.”

The UKTI report said the Olympics had also helped secure significant inward investment, including the targeting of up to £10bn spending by Qatar. The gas-rich emirate, which is hosting the 2022 football World Cup and has awarded contracts in excess of £70m to British design firm Atkins, is considering investments in energy plants, roads and the Thames “super-sewer”.

Suggested Topics
Life and Style
love + sex A new study has revealed the average size - but does that leave men outside the 'normal' range being thought of as 'abnormal'?
Arts and Entertainment
TV
Voices
The Palace of Westminster is falling down, according to John Bercow
voices..says Matthew Norman
Sport
Steve Bruce and Gus Poyet clash
football
Have you tried new the Independent Digital Edition apps?
News
Graham Norton said Irish broadcaster RTE’s decision to settle was ‘moronic’
TV
Arts and Entertainment
Jake and Dinos Chapman were motivated by revenge to make 'Bring me the Head of Franco Toselli! '
arts + ents Shapero Modern Gallery to show explicit Chapman Brothers film
Arts and Entertainment
Kurt Cobain performing for 'MTV Unplugged' in New York, shortly before his death
music Brett Morgen's 'Cobain: Montage of Heck' debunks many of the myths surrounding the enigmatic singer
Life and Style
life
Sport
Brendan Rodgers
football The Liverpool manager will be the first option after Pep Guardiola
News
Amazon misled consumers about subscription fees, the ASA has ruled
news
Arts and Entertainment
Myanna Buring, Julian Rhind-Tutt and Russell Tovey in 'Banished'
TV Jimmy McGovern tackles 18th-century crime and punishment
Arts and Entertainment
Paul Whitehouse as Herbert
arts + ents
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Day In a Page

Syrian conflict is the world's first 'climate change war', say scientists, but it won't be the last one

Climate change key in Syrian conflict

And it will trigger more war in future
How I outwitted the Gestapo

How I outwitted the Gestapo

My life as a Jew in wartime Berlin
The nation's favourite animal revealed

The nation's favourite animal revealed

Women like cuddly creatures whilst men like creepy-crawlies
Is this the way to get young people to vote?

Getting young people to vote

From #VOTESELFISH to Bite the Ballot
Poldark star Heida Reed: 'I don't think a single bodice gets ripped'

Poldark star Heida Reed

'I don't think a single bodice gets ripped'
The difference between America and Israel? There isn’t one

The difference between America and Israel? There isn’t one

Netanyahu knows he can get away with anything in America, says Robert Fisk
Families clubbing together to build their own affordable accommodation

Do It Yourself approach to securing a new house

Community land trusts marking a new trend for taking the initiative away from developers
Head of WWF UK: We didn’t send Cameron to the Arctic to see green ideas freeze

David Nussbaum: We didn’t send Cameron to the Arctic to see green ideas freeze

The head of WWF UK remains sanguine despite the Government’s failure to live up to its pledges on the environment
Author Kazuo Ishiguro on being inspired by shoot-outs and samurai

Author Kazuo Ishiguro on being inspired by shoot-outs and samurai

Set in a mythologised 5th-century Britain, ‘The Buried Giant’ is a strange beast
With money, corruption and drugs, this monk fears Buddhism in Thailand is a ‘poisoned fruit’

Money, corruption and drugs

The monk who fears Buddhism in Thailand is a ‘poisoned fruit’
America's first slavery museum established at Django Unchained plantation - 150 years after slavery outlawed

150 years after it was outlawed...

... America's first slavery museum is established in Louisiana
Kelly Clarkson: How I snubbed Simon Cowell and become a Grammy-winning superstar

Kelly Clarkson: How I snubbed Simon Cowell and become a Grammy-winning superstar

The first 'American Idol' winner on how she manages to remain her own woman – Jane Austen fascination and all
Tony Oursler on exploring our uneasy relationship with technology with his new show

You won't believe your eyes

Tony Oursler's new show explores our uneasy relationship with technology. He's one of a growing number of artists with that preoccupation
Ian Herbert: Peter Moores must go. He should never have been brought back to fail again

Moores must go. He should never have been brought back to fail again

The England coach leaves players to find solutions - which makes you wonder where he adds value, says Ian Herbert
War with Isis: Fears that the looming battle for Mosul will unleash 'a million refugees'

The battle for Mosul will unleash 'a million refugees'

Aid agencies prepare for vast exodus following planned Iraqi offensive against the Isis-held city, reports Patrick Cockburn