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| London 2012 Olympics 'have boosted UK economy by £9.9bn' | London 2012 Olympics 'have boosted UK economy by £9.9bn' |
| (35 minutes later) | |
| The UK economy has seen a £9.9bn boost in trade and investment from hosting the 2012 London Olympic and Paralympic Games, research suggests. | The UK economy has seen a £9.9bn boost in trade and investment from hosting the 2012 London Olympic and Paralympic Games, research suggests. |
| A report by the government department which promotes UK businesses put new contracts, sales and foreign investment in the last year down to the Games. | A report by the government department which promotes UK businesses put new contracts, sales and foreign investment in the last year down to the Games. |
| But the claims were met with scepticism by some economists and the Federation of Small Businesses. | But the claims were met with scepticism by some economists and the Federation of Small Businesses. |
| Government estimates put the cost of hosting the Games at £8.9bn. | Government estimates put the cost of hosting the Games at £8.9bn. |
| 'Creative accounting' | 'Creative accounting' |
| Prime Minister David Cameron said companies across the country were "harnessing the Olympic momentum and delivering the lasting business legacy 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". |
| The report, for the UK Trade and Investment department (UKTI), said the Olympics resulted in: | The report, for the UK Trade and Investment department (UKTI), said the Olympics resulted in: |
| "This report shows that we are off to a good start," wrote David Cameron in a foreword to the report. | |
| "A year on we have generated £9.9bn of economic benefit from Olympic-related activities, and investment into the UK has already created over 31,000 new jobs." | "A year on we have generated £9.9bn of economic benefit from Olympic-related activities, and investment into the UK has already created over 31,000 new jobs." |
| But sports economist Stefan Szymanski said it was impossible to tell how much of the economic activity could be put down to the Games. | But sports economist Stefan Szymanski said it was impossible to tell how much of the economic activity could be put down to the Games. |
| "It's almost like a bit of creative accounting. There's no way of testing whether what they're saying is really true." | "It's almost like a bit of creative accounting. There's no way of testing whether what they're saying is really true." |
| Business Secretary Vince Cable defended the figures in the report. | Business Secretary Vince Cable defended the figures in the report. |
| "A lot of people were very cynical about this... but as a result of all the work that was done we have this very considerable amount," he said. | "A lot of people were very cynical about this... but as a result of all the work that was done we have this very considerable amount," he said. |
| He added there was an "upward estimate" that, by 2020, the Games could have benefited the UK by as much as £40bn. | He added there was an "upward estimate" that, by 2020, the Games could have benefited the UK by as much as £40bn. |
| 'Thrilling chapter' | 'Thrilling chapter' |
| One engineering firm which was behind the Olympic park on the 2012 site said the Games had boosted its standing with other host countries and governments delivering large-scale transport and urban regeneration projects. | One engineering firm which was behind the Olympic park on the 2012 site said the Games had boosted its standing with other host countries and governments delivering large-scale transport and urban regeneration projects. |
| Mike McNicholas from the Atkins consultancy said: "What we saw in the run-up to the games was a huge interest from overseas governments and industry to look at how the Games was delivered." | Mike McNicholas from the Atkins consultancy said: "What we saw in the run-up to the games was a huge interest from overseas governments and industry to look at how the Games was delivered." |
| But for businesses outside London, The Federation of Small Businesses said the impact of the Games had been a disappointment. | But for businesses outside London, The Federation of Small Businesses said the impact of the Games had been a disappointment. |
| "The contracts we were expecting really didn't materialise," said national policy chairman Mike Cherry. | "The contracts we were expecting really didn't materialise," said national policy chairman Mike Cherry. |
| As well as the financial impact of the Games, the report - Inspired by 2012: The legacy from the London 2012 Olympic and Paralympic Games - highlights its influence on sport and regeneration. | As well as the financial impact of the Games, the report - Inspired by 2012: The legacy from the London 2012 Olympic and Paralympic Games - highlights its influence on sport and regeneration. |
| It also says the Games volunteers inspired more people to take up similar roles in their communities. | It also says the Games volunteers inspired more people to take up similar roles in their communities. |
| The National Council for Voluntary Organisations said there had been an "encouraging" boost to volunteering. But funding cuts to the voluntary sector left a "question mark" over the Games' legacy, executive director Justin Davis-Smith warned. | The National Council for Voluntary Organisations said there had been an "encouraging" boost to volunteering. But funding cuts to the voluntary sector left a "question mark" over the Games' legacy, executive director Justin Davis-Smith warned. |
| 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. | 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. |
| But BBC sports editor David Bond said in the last year participation had actually dropped by 200,000. | |
| The report also found that employment programmes by Boris Johnson the Mayor of London had failed to deliver long-term Olympic jobs for the capital with only a fraction of people going into the jobs predicted. | |
| 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. | 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." | "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." |
| International Olympic Committee president Jacques Rogge said: "The London 2012 Games have definitively served as a catalyst for development and improvements, both tangible and intangible, which would otherwise have taken decades to achieve." | International Olympic Committee president Jacques Rogge said: "The London 2012 Games have definitively served as a catalyst for development and improvements, both tangible and intangible, which would otherwise have taken decades to achieve." |