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£11bn Olympics benefit target met

A four-year target of raising £11 billion worth of economic benefit from the London Olympics has been met in 12 months, the Government has announced.

The country has benefited from new foreign investment, additional sales and firms winning contracts since last summer's events, according to a report.

The total includes £130 million of contracts won by UK companies for next year's soccer World Cup in Brazil, and the next Olympic Games, in Rio in 2016.

Trade and Investment Minister Lord Green said: "The delivery of London 2012 on time and on budget led to hosting nations turning to the UK to help deliver their own events with supply opportunities running into the billions.

"UK Trade & Investment has played a key role in helping British companies maximise these opportunities and the result is a £11.06 billion boost to the UK economy from the Games, reaching our four-year target in just over a year."

Secretary of State for Culture Media and Sport Maria Miller said: "Last year's Games put the UK in the global spotlight and showed the rest of the world that this country is open for business.

"The economic legacy of last year's Olympic and Paralympic Games is sometimes neglected but these figures show that the financial investment made into London 2012 has already been recouped."

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