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Olympic Opportunities

With the Olympics just round the corner, many businesses will be looking to make the most of the opportunity. But how will the games impact on the UK economy as a whole, and which sectors of the small and medium business community are likely to see the biggest impact?

According to Lloyds TSB, one of the Olympics sponsors, there will be benefits for a whole host of businesses. The Games have already been driving activity in the construction and tourism industry, creating jobs, increasing spending and creating opportunities for many businesses. Notably, small and medium businesses are contributing greatly to this increase, in fact over 50%.

There are also estimates that as a whole, the London Olympics will create almost 62,000 jobs both in the capital and across the country. The data shows the impact from winning the bid in 2005 right up to 2017, including the five year ‘Olympic legacy’. Though most of the growth will stem from the period leading up to and during the Games, the five years following the event is predicted to generate as much as £5bn.

The total impact of the Games is believed to be valued at a £16.5bn contribution to UK GDP. £6bn of this will be produced in London, with the rest of the country producing the remainder of the £10.5bn.

This all shows that the Olympics will be a great way to inject some energy into the economy, especially if you’re in the tourism or construction industry. Your business could well already have felt the positive effects. With such dismal overall growth figures predicted for the UK, this is only good news. And, the fact that SMEs are expected to make such a big contribution to the effects of the Games will hopefully encourage innovation and growth across the small business sector.

 

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