The UK’s hosting of the Olympics last year significantly increased the country’s economy by £9.9 billion, according to the research report to the Mayor of London and the government. The data was collected from the trade and investments the UK government had made from hosting the 2012 London Olympic and Paralympic Games.
The research estimates that the UK’s total benefit from the Olympic and Paralympic games would be around £28 and £41 billion by the 2020.
It was projected that UK’s expenditures for hosting the Olympics would be around £8.9 billion.
The report also suggested that the Olympic Games had a significant impact on UK’s local neighbourhoods and communities. The volunteers for the Olympic Games inspired many people to organise similar events in their local communities.
British Prime Minister David Cameron said that communities and neighbourhoods all across UK “felt the momentum” of the Olympic games and has inspired thousands of people to be involved with their local sporting club. Business Secretary Vince Cable also applauded the London Olympics in 2012, which, despite the economic troubles of that time, the UK made it a very warm success story.
The success of the UK Olympics host in 2012 had won the UK at least £1.5 billion of overseas investments into the country. An estimated total of £2.5 billion of foreign investment also made its way into the United Kingdom after the Olympic game.s