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British Government Claims London Olympics Brought in £9.9bn

08/09/2013

British government report issued on July 19 stated that London Olympics held last year brought in £9.9 billion for economy, that was greater than the cost of the games, China News Service reported on July 19 in London.


Cable, British Secretary of State for Business, stated that many people doubted the economic contribution brought by Olympics, in fact, Olympic Games made great contribution to stimulating economic growth.


Last autumn, the British government evaluated the expenditure for hosting London Olympic Games as £8.9 billion.


The report showed that the Olympic stimulation for economic growth mainly came from new commercial programs, additionally increased retailing sales and new foreign investment. Since the opening of London Olympic Games, Britain has obtained new foreign investment worth about £2.5 billion, including the construction project in which a Malaysian company redeveloped the London Battersea Power Station, and the investment programs of China Huawei Company and an Indian software company in Britain.


The successful experiences for holding Olympic Games brought British companies with overseas contract worth £1.5 billion, including participating in other global sports event such as the construction programs of 2014 Brazilian World Cup and 2016 Rio de Janeiro Olympics and Paralympics. The public relations and promotion activities relating to Olympics and launched by Ministry of British Foreign Affairs and Ministry of Commerce also brought Britain £5.9 billion of additional export sales.


However, there were also some doubting the data provided by British government, and they believed that some investment projects could also have been achieved even without Olympics, and thus cannot be viewed as the contribution to economy. Cable said although some investment activities would come out sooner or later, Olympics acted as catalyst during these activities having come into reality.

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