Business Leaders and Ministers Hail Olympic Boost for UK Economy

Ministers have vowed to capitalise on the success of the Olympics by working with UK firms to realise an international business legacy that could be worth £13bn to the UK economy in future years.

This builds on the substantial investment decisions that were seen during recent weeks, with £14bn of business deals announced at a time when the eyes of the world have been on the UK. During the Olympics the Prime Minister, Deputy Prime Minister, Chancellor, Business Secretary and 35 other ministers welcomed around 3,000 business leaders and global figures including over half of the FTSE 100 companies and hundreds of international buyers, investors and policy makers, to 12 Global Business Summits at Lancaster House in London as part of an 18-day programme which ran into September.

Deputy Prime Minister Nick Clegg and Brazilian Vice President Michel Temer have also jointly hosted a Brazil Business Summit bringing UK and Brazilian businesses together to forge new trading partnerships, including multi-million pound opportunities to help deliver the Rio 2016 Games. In support the UK Intellectual Property Office has announced the appointment of Sheila Alves as IP attaché to Brazil to support UK firms doing business in this fast growing market.

Overall, hosting the Olympics is forecast to deliver around £13bn in economic benefit to the UK in the coming months and years as businesses take advantage of the unique opportunities provided.

This includes £1bn of extra sales for businesses taking part in the British Business Embassy programme, £4 billion of high value overseas opportunities for UK firms in markets including Brazil, Russia and China, £6bn of inward investment and a £2.3bn boost to tourism.

Business Secretary, Vince Cable, said:
“Team GB has seen exceptional success at the Olympics in the last few weeks and, at a time when the international spotlight is firmly upon us, we have also seen huge levels of investment by businesses.Our task now is to drive home the message that Britain is open for business, and to enhance the conditions that companies need to invest and grow.”

Initiatives to promote UK businesses will include further British Business Embassy programmes at major international events including the Sochi Winter Olympics in 2014 and subsequent Games, including the Commonwealth Games in Glasgow in 2014; also trade missions to countries set to host the Olympics, Winter Olympics and the FIFA World Cup in the coming years, including Brazil, Russia and Qatar, to export the expertise and skills of UK firms. An estimated £1.5bn worth of contracts have been identified flowing from Sochi 2014 and Rio 2016.