Study Estimates Olympics Will Give Scotland's Economy A $1.5B Boost
Scotland will benefit from a £1B ($1.5B) "spin-off to the economy" over the next five years from the London Olympics, according to the SCOTLAND HERALD. The "huge sum will come in the form of contracts" for Scottish firms, in addition to increased tourism. According to a Bank of Scotland study, the benefits "will last well beyond the end of the event" in August. The bank said that "thousands of people will share in the Olympics windfall, as money trickles down" into different areas of the economy. Overall, Scotland will receive the fifth-highest economic boost outside of London, with the banks estimating that the Games are worth £16.5B ($25.9B) in GDP to the U.K. economy (SCOTLAND HERALD, 7/3).
SCOTS NOT BUYING TICKETS: The AYRSHIRE POST reported that Scots purchased the fewest tickets for the London Olympics but "will be amongst the biggest regional beneficiaries." Lloyds Banking Group also surveyed customers who had bought tickets and found those in London and the South East took the most seats at 27% and 25%, respectively. Customers in Scotland purchased the fewest at 2% (AYSHIRE POST, 7/3).