Prime Minister: Games will bring £13bn benefit to economy

Prime Minister David Cameron today delivered a speech on the legacy of the Olympics for the UK economy, and other key areas of British life

The Olympics is a unique chance to drum up business for Britain, David Cameron has said.

The Prime Minister said he expects the Games to bring in £13 billion for the economy over the next four years as the country enjoys a surge in tourism and business opportunities.

Mr Cameron will host a global investment conference and a series of 17 global business summits at the British Business Embassy at Lancaster House during the Games, to put UK firms in touch with overseas investors and trading partners.

He said he expects these meetings to generate a further £1 billion for the economy.

Speaking during a visit to the East Midlands, Mr Cameron denied that the Olympics were an "expensive luxury in tough times".

"It is precisely because times are tough that we have got to get everything we can out of them to support jobs and growth in the economy," he said. "And that's my mission for London 2012. Because we have built the solid foundations for a successful Games, we are able to focus our efforts on making sure they are a boost for Britain."

Mr Cameron said he would be devoting his energy to "making sure that we turn these Games into gold for Britain".

He added: "Our inspiration for this should be the Festival of Britain in 1951, which was a showcase of national enterprise and innovation. Now, as then, we need to drum up business for Britain - sell Britain to the world on the back of British success."

More than four million tourists are expected to travel to the UK as a result of the Olympics, bringing in a further £2.3 billion for the economy.

Mr Cameron went on: "No other country in the world has the chance to put on this show and profit from it in the next few years. That's why during the Games I'm hosting a global investment conference and 17 global business summits.

"They will bring British businesses together with potential investors and trading partners from around the globe.

"I expect to see benefits to the British economy worth over £1bn. I am confident that we can derive over £13bn benefit to the UK economy over the next four years as a result of hosting the Games.

"I am certain that when you add in the benefits from construction the total gain will be even greater. For instance, a study by Lloyds Bank published this week found the Games will contribute £16.5bn to the economy up to 2017. Put another way: more than the cost of holding the Games in the first place”

Copyright : Press Association