London 2012 Olympics Set to Significantly Boost UK Economy

The London 2012 Olympics is scheduled to boost UK economy by £16.5 billion ($25.8bn) for 2017 according to a new study.

It is also expected to create 62,200 jobs from a starting period in 2005 when the Games were awarded, to the five years after the Games finish, and will come mainly as a result of building Olympic sites and the boost to tourism, according to the study by Lloyds Banking Group.

London 2012 sponsor Lloyds TSB, said nearly a third of the gains worth £5bn ($7.85bn) will come over the five years following the event.

This will be when Olympic sites are converted to other uses and tourism continues to see a boost.

Lloyds chief economist Patrick Foley told Sky: “London 2012 is the most important sporting event the UK has ever staged.

“We’ve witnessed a construction project on an unprecedented scale, the economic ripples of which are being felt not only in the host city, but across the UK.

“As this study demonstrates, London 2012 will help support employment, tourism, consumer spending and living standards, not only this year, but for many years to come.”