U.K. Trade & Investment Report Says London Olympics Boosted Country's Economy
U.K. Trade & Investment officials estimate that the London Olympics provided a £9.9B ($15B) "boost to business in the year since they were held," according to Thomas Penny of BLOOMBERG. The government’s trade-promotion agency said in a report that the benefit might rise to £41B ($62B) by '20. UKTI said that the £9.9B is made up of £5.9B ($9B) in extra sales as a result of Olympic-related activity, such as the British Business Embassy in London during the games, £2.5B ($3.8B) of additional investment in the U.K. from the games and £1.5B ($2.3B) in contracts for British companies overseas. UKTI also said that new business includes £120M ($183M) in contracts for the 2014 World Cup in Brazil and the Rio de Janeiro Games two years later. British companies "have also won more than 60 contracts for the Sochi Winter Olympics in Russia next year" (BLOOMBERG, 7/19).