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
News
people And here is why...
Arts and Entertainment
Amazon has added a cautionary warning to Tom and Jerry cartoons on its streaming service
tv
Voices
voicesBy the man who has
Sport
Arsene Wenger tried to sign Eden Hazard
footballAfter 18 years with Arsenal, here are 18 things he has still never done as the Gunners' manager
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
Life and Style
The new Windows 10 Start Menu
tech
Arts and Entertainment
Kristen Stewart and Robert Pattinson star in The Twilight Saga but will not be starring in the new Facebook mini-movies
tvKristen Stewart and Stephenie Meyer will choose female directrs
Arts and Entertainment
Hilary North's 'How My Life Has Changed', 2001
books(and not a Buzzfeed article in sight)
News
William Hague
people... when he called Hague the county's greatest
News
More than 90 years of car history are coming to an end with the abolition of the paper car-tax disc
newsThis and other facts you never knew about the paper circle - completely obsolete today
Arts and Entertainment
There has been a boom in ticket sales for female comics, according to an industry survey
comedyFirst national survey reveals Britain’s comedic tastes
Arts and Entertainment
Twerking girls: Miley Cyrus's video for 'Wrecking Ball'
arts + ents
Arts and Entertainment
Ed Sheeran performs at his Amazon Front Row event on Tuesday 30 September
musicHe spotted PM at private gig
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

Ebola outbreak: The children orphaned by the virus – then rejected by surviving relatives over fear of infection

The children orphaned by Ebola...

... then rejected by surviving relatives over fear of infection
Pride: Are censors pandering to homophobia?

Are censors pandering to homophobia?

US film censors have ruled 'Pride' unfit for under-16s, though it contains no sex or violence
The magic of roundabouts

Lords of the rings

Just who are the Roundabout Appreciation Society?
Why do we like making lists?

Notes to self: Why do we like making lists?

Well it was good enough for Ancient Egyptians and Picasso...
Hong Kong protests: A good time to open a new restaurant?

A good time to open a new restaurant in Hong Kong?

As pro-democracy demonstrators hold firm, chef Rowley Leigh, who's in the city to open a new restaurant, says you couldn't hope to meet a nicer bunch
Paris Fashion Week: Karl Lagerfeld leads a feminist riot on 'Boulevard Chanel'

Paris Fashion Week

Lagerfeld leads a feminist riot on 'Boulevard Chanel'
Bruce Chatwin's Wales: One of the finest one-day walks in Britain

Simon Calder discovers Bruce Chatwin's Wales

One of the finest one-day walks you could hope for - in Britain
10 best children's nightwear

10 best children's nightwear

Make sure the kids stay cosy on cooler autumn nights in this selection of pjs, onesies and nighties
Manchester City vs Roma: Five things we learnt from City’s draw at the Etihad

Manchester City vs Roma

Five things we learnt from City’s Champions League draw at the Etihad
Martin Hardy: Mike Ashley must act now and end the Alan Pardew reign

Trouble on the Tyne

Ashley must act now and end Pardew's reign at Newcastle, says Martin Hardy
Isis is an hour from Baghdad, the Iraq army has little chance against it, and air strikes won't help

Isis an hour away from Baghdad -

and with no sign of Iraq army being able to make a successful counter-attack
Turner Prize 2014 is frustratingly timid

Turner Prize 2014 is frustratingly timid

The exhibition nods to rich and potentially brilliant ideas, but steps back
Last chance to see: Half the world’s animals have disappeared over the last 40 years

Last chance to see...

The Earth’s animal wildlife population has halved in 40 years
So here's why teenagers are always grumpy - and it's not what you think

Truth behind teens' grumpiness

Early school hours mess with their biological clocks
Why can no one stop hackers putting celebrities' private photos online?

Hacked photos: the third wave

Why can no one stop hackers putting celebrities' private photos online?