British businesses poised for £21 billion prize
1 min read
Thousands of businesses across the UK stand to benefit from a £21 billion boost to the country’s economy in the run up to the London 2012 Olympic and Paralympic Games, according to new research from Lloyds TSB Business.
The huge sum has more than doubled since Lloyds TSB’s original estimate of £10 billion – made at the time Britain won the bid to host the Games – and is now equivalent to a 0.25 per cent increase in GDP spread over the next five years.
In a wake up call to small and medium sized firms across the country, the figures show that it is not only companies in London that are in the frame for a share in this economic growth. There are opportunities for businesses nationwide and firms in sectors ranging from catering and construction to travel and transport could all take a slice of the pie.
Over the next five years, the estimate of the 2012 Games financial worth to small firms is expected to rise even further, as the opportunities for businesses crystallise even further – a fact which underlines the burgeoning business opportunity presented by the event.
Trevor Williams, chief economist, Lloyds TSB Corporate Markets said: “The impact the 2012 Olympic Games will have on the economy is becoming clearer as we get closer to the event. Our first estimates were that firms could take a share of £10 billion from the Games, but this figure has increased sharply as the opportunities presented open up – and as companies become more aware of the prizes that are on offer.”
