Olympic work 'offers economic gold'

More than 800 companies have won £3.5bn of work in preparation for the London 2012 Olympics, new figures reveal today.











London 2012 organisers believe the Olympic project could offer "economic gold" as Britain edges towards recession.



Over 68 per cent of the work awarded to 801 companies so far has gone to small and medium-sized businesses, 98 per cent are UK-based and 46 per cent are based outside London, according to the Olympic Delivery Authority (ODA), which is charged with developing and building the new venues and infrastructure for the Games.



ODA chairman John Armitt said: "London 2012 offers businesses of all sizes major opportunities in the current economic climate.



"These figures show that businesses from all over the UK are already winning 'economic gold', with millions of pounds-worth of London 2012 work. These benefits are directly a result of hosting the Games."



Lord Coe, chair of the London Organising Committee of the Olympic Games (Locog), said: "As of next year, Locog is poised to release hundreds of opportunities for the best UK companies of all sizes to compete for work to supply our Games-time goods and services, so there is all to play for.



"The 2012 Games is already proving a golden opportunity to ensure growth in the UK economy and leave a legacy of fitter British businesses with the expertise of supplying the largest sporting event on earth."



Of the work awarded so far, 12 per cent has gone to companies in the east London Olympic Park host boroughs while 98 per cent has been to UK-based companies.



The ODA figures show that 42,671 companies have registered an interest in a contract that is part of the Olympic supply chain, including 29,517 small companies with fewer than 50 employees.



Olympics Minister Tessa Jowell said: "These figures are yet more proof that London 2012 is a golden opportunity at a time of economic need.



"The Games will generate some £6bn-worth of contracts open to UK business large and small, not to mention an estimated £2 billion dividend to the tourist industry.



"But this is not all - constructing and hosting the world's biggest sporting event will inevitably increase the expertise, efficiency and competitiveness of British business, leaving a legacy which will benefit the UK economy for decades to come."

PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
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

Save the tiger: The animals bred for bones on China’s tiger farms

The animals bred for bones on China’s tiger farms

The big cats kept in captivity to perform for paying audiences and then, when dead, their bodies used to fortify wine
A former custard factory, a Midlands bog and a Leeds cemetery all included in top 50 hidden spots in the UK

A former custard factory, a Midlands bog and a Leeds cemetery

Introducing the top 50 hidden spots in Britain
Ebola epidemic: Plagued by fear

Ebola epidemic: Plagued by fear

How a disease that has claimed fewer than 2,000 victims in its history has earned a place in the darkest corner of the public's imagination
Chris Pratt: From 'Parks and Recreation' to 'Guardians of the Galaxy'

From 'Parks and Recreation' to 'Guardians of the Galaxy'

He was homeless in Hawaii when he got his big break. Now the comic actor Chris Pratt is Hollywood's new favourite action star
How live cinema screenings can boost arts audiences

How live cinema screenings can boost arts audiences

Broadcasting plays and exhibitions to cinemas is a sure-fire box office smash
Shipping container hotels: Pop-up hotels filling a niche

Pop-up hotels filling a niche

Spending the night in a shipping container doesn't sound appealing, but these mobile crash pads are popping up at the summer's biggest events
Native American headdresses are not fashion accessories

Feather dust-up

A Canadian festival has banned Native American headwear. Haven't we been here before?
Boris Johnson's war on diesel

Boris Johnson's war on diesel

11m cars here run on diesel. It's seen as a greener alternative to unleaded petrol. So why is London's mayor on a crusade against the black pump?
5 best waterproof cameras

Splash and flash: 5 best waterproof cameras

Don't let water stop you taking snaps with one of these machines that will take you from the sand to meters deep
Louis van Gaal interview: Manchester United manager discusses tactics and rebuilding after the David Moyes era

Louis van Gaal interview

Manchester United manager discusses tactics and rebuilding after the David Moyes era
Will Gore: The goodwill shown by fans towards Alastair Cook will evaporate rapidly if India win the series

Will Gore: Outside Edge

The goodwill shown by fans towards Alastair Cook will evaporate rapidly if India win the series
The children were playing in the street with toy guns. The air strikes were tragically real

The air strikes were tragically real

The children were playing in the street with toy guns
Boozy, ignorant, intolerant, but very polite – The British, as others see us

Britain as others see us

Boozy, ignorant, intolerant, but very polite
How did our legends really begin?

How did our legends really begin?

Applying the theory of evolution to the world's many mythologies
Watch out: Lambrusco is back on the menu

Lambrusco is back on the menu

Naff Seventies corner-shop staple is this year's Aperol Spritz