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July 18, 2013 6:17 pm
Ministers will on Friday kick off a series of events to mark the anniversary of the Olympics by claiming the UK economy has benefited from £9.9bn in deals and investment linked to hosting last year’s games.
The figure is made up of £5.9bn from business deals brokered at an 18-day conference during the Olympics, £2.5bn from additional inward investment and £1.5bn from contracts won by companies in countries hosting future sports big events such as Brazil, Russia and Qatar.
Olympic organisers made much of the legacy of the games to help justify their cost to the taxpayer. The final cost was this week estimated by the government at £8.7bn.
Boris Johnson, London’s mayor, will say on Friday that the games brought £4bn of investment into the capital, and that 70,000 people were helped into Olympic-related employment.
The mayor said: “London is succeeding where virtually no other host city has, on track to secure a solid gold payback on the taxpayers’ outlay.”
But businesses with Olympics-related contracts complained that protocols signed with the International Olympic Committee made it impossible to promote their work. The protocols were relaxed by the government in February.
UK Trade and Investment has conducted numerous trade missions to win work for British companies in Brazil, which will host next year’s football World Cup and the 2016 Olympics, and says it has secured £120m of contracts there.
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