£11bn deals target achieved early
A four-year target of raising £11 billion for the UK economy from deals signed during the London Olympics has been surpassed two years early, the Prime Minister has announced.
Contracts, sales and foreign investment linked to UK Trade and Industry's (UKTI) British Business Embassy during London 2012 have passed £14 billion this year, the second annual report on the legacy from the Olympic and Paralympic Games said.
The success demonstrates how hosting major sporting events can generate economic benefits, Prime Minister David Cameron said as the Commonwealth Games opens in Glasgow today.
The report found £5.9 billion of additional sales by UK companies as a result of UKTI activity, £3.58 billion of Olympic-related access to high value overseas projects, and £4.72 billion of additional foreign direct investment into the UK, with 55% of the projects outside London.
The Prime Minister will address business and Commonwealth leaders in Glasgow today.
He will say: "Part of our long-term economic plan is about promoting every part of our country to the world and Glasgow's Commonwealth Games will give us another fantastic platform to do this.
"It follows on from London 2012, which was not just an amazing sporting event but also a great opportunity to secure a lasting economic and sporting legacy for the whole UK.
"This Government will continue to work on behalf of every hard-working business in the UK to drum up trade, encourage investment and pave the way for growth so we can generate jobs, pay our way in the world and create stability, security and a brighter future for our country.
"I am confident we can build on our experience in London and make Glasgow 2014 so much more than just an amazing sporting event."
VisitBritain is on course to meet its four-year target of bringing an extra 4.7 million visitors to the UK and increasing tourism spend by £2.3 billion, but the report found tourism gains across the UK had been "variable".
Wales and Scotland saw the biggest increases in the value of inbound tourism of 27% and 20% respectively. Visitor spend in the English regions increased by 15%, and 12% in London.
The report says: "It is recognised that the regional picture across England and the rest of the UK is variable, and work continues to maximise the opportunities for the whole of the UK."
Secretary of State for Culture, Media and Sport Sajid Javid said Glasgow 2014 will build on the legacy of London 2012.
Business Secretary Vince Cable said: "The UK's future prosperity will not come from relying on domestic markets alone, and during the Commonwealth Games we are giving another major push to encourage firms across the UK to sell overseas and foreign businesses to invest here."
Mayor of London Boris Johnson said: "Two years on from that golden summer we are accelerating the transformation of Stratford and beyond.
"Queen Elizabeth Olympic Park is now reopened and ambitious plans are in place to develop a constellation of educational, artistic, technology and cultural institutions on the site to strengthen our lead as a global force in these sectors and deliver tens of thousands of jobs.
"This is a living legacy that is reaping economic and social dividends not just here in London but across the UK."