The cost of staging London 2012 has already been recouped through inward trade and investment for Britain, standard.co.uk reports.
Ahead of the Opening Ceremony last year, the government outlined plans to win back £11 billion (which was the estimated total cost of the Games) over the next four years. Now, it has been reported that the total was reached after just 12 months.
With the Games making a huge impact across the world and showcasing Britain’s enviable business opportunities, the £11 billion was reached through new foreign investment, additional sales and the awarding of huge, lucrative contracts to UK firms.
Many of these included tenders to help with the organisation of similar large-scale events, such as the 2016 Rio Olympics and next year’s FIFA World Cup in Brazil. This is on top of the money generated as CEOs from all over the world flocked to the UK for their latest deals.
Speaking of the figures, trade and investment minister Lord Green told gov.uk: “The delivery of London 2012 on time and on budget led to hosting nations turning to the UK to help deliver their own events with supply opportunities running into the billions.
“UK Trade & Investment has played a key role in helping British companies maximise these opportunities and the result is a £11.06 billion boost to the UK economy from the Games, reaching our four-year target in just over a year.”