London Olympics means $26 bn boost for Britain

July 29th, 2012 - 12:03 am ICT by IANS  

London, July 28 (IANS) As the sporting extravaganza of London Olympics 2012 started Saturday, irrespective of the medals’ tally for Britain, the country’s stuttering economy is all set to benefit from a 17 billion pounds (over $26 billion) bounce from the Games.

According to Daily Express, business experts believe the Games will deliver a much-needed boost which should help lift the country out of the double-dip recession. They reckon the positive impact on jobs and growth will continue to be felt for five years.

On Friday, London Mayor Boris Johnson assured that the sporting extravaganza would be a world showcase for the best of British business.

He said: “It is our chance to show the world what we are all about, our chance to throw a great party.

“There are very, very important economic reasons for trying to get the best out of the Games. I want to see great economic benefits from these Games.”

A study from the Lloyds Banking Group earlier this year forecast a 16.5 billion pounds
“Olympic Effect” lasting up to 2017.

Construction and tourism were likely to benefit most, and the tradition of allocating majority of contracts to suppliers outside the capital will help in spreading the benefits.

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