Reports Suggest Nearly £10 billion Boost From Olympic Legacy

It is probably one of the hardest figures to calculate, but having invested some £10 billion in bringing the Olympics and Paralympics to these shores,  the government would want to suggest that within a year that figure has already been recouped by way of inward investment into this country.  With further projections pointing to a minimum return of about £28 billion by the year 2020,  all those parties involved in the organisation will be keen to shed the most positive of lights onto the legacy that the Games have left.

2012 Olympic Logo

Whereas there can be no doubt that the sense of self esteem and well being that surged through the country as the Games unfolded was a tangible benefit, many commentators point out that the Queen’s Jubilee was hardly a side show, and there was certainly a positive effect on the country and its world standing that reflected itself in proportionately higher tourism figures.

With the eye catching title of “Inspired By 2012”, a report prepared for the Government and the Mayor of London highlights the  influence of the Games on sport and regeneration. It also says the Games volunteers inspired more people to take up similar roles in their communities.
The report adds 1.4 million more people than in 2005, when the Games bid was won, are playing sport at least once a week, and the legacy of all the permanent venues on the Olympic Park has been secured within a year of the Games.

Prime Minister David Cameron said companies across the country were "harnessing the Olympic momentum and delivering the lasting business legacy of the Games". He added: "The Games are also delivering a strong social legacy. Last summer, Games Makers changed the way Britain views volunteering. Since then, thousands of people have been inspired to get involved with their local sports club."

Business Secretary Vince Cable said: "There is no doubt that the London 2012 Games proved a success story for British business. This has created a multi-billion pound business springboard to take British expertise to the world."

In a message in the report, Olympics legacy ambassador Lord Coe, who chaired Games organiser Locog, said: "Progress reflected in this report against each of the legacy commitments is a promising start.  There can, however, be no room for complacency. Just as the Games took 10 years to win, plan and deliver, so legacy must be seen as a 10-year project to realise lasting change."

Independent commentators are urging caution in accepting some of the highlights of the report, saying that some of the perceived increases in exports and inward investment may have happened anyway, as the world economy shows slow signs of recovery.

Although they cannot argue with the increase in participation in sport since 2005, they point out that in the last year it's actually dropped by 200,000.

Therefore the arguments ebb and flow. What can’t be denied is the immense feeling of pride that filled this country this time last year, shining like a beacon in gloomy economic times. To many, the summer of 2012 will never be forgotten.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/224148/2901179_OlympicLegacy_acc.pdf