Olympics to Create Financial Boom for Scotland

The economic impact study, conducted by Oxford Economics for official Games sponsor Lloyds Banking Group, surveyed the economic climate in the UK for 12 years since 2005 when London was selected to host the Summer Olympic Games in 2012.

The study estimates that this year’s London Games put Scotland in a vantage point as there could be a £1 billion ($1.56) economic benefit for several Scottish firms that are handling orders from the Olympic authorities. Tourism in the southern parts of the country that share a common border with England may also witness a surge in the number of foreign visitors, the report noted.

At the outset it was projected that the UK economy could receive a whopping £16.5 billion boost because of the Olympics. Approximately 77.4% of Scotland’s share of the gain could be sourced from construction, equipment and supplies industries, analysts at Oxford Economics forecast.

The main Olympic Stadium, along with the aquatics centre, has been built by Scottish firms, whereas outdoor gear and bags for the Olympics have been manufactured by West Lothian-based company Highlander.

Figures also suggest that the upcoming Games can significantly boost revenues for Scotland’s transport sector with about 300 bus drivers saying they would operate primarily in the south to provide public transport services till mid-August.

Staging the Summer Olympic Games in London involves an incredible amount of capital investment “the ripples (of which) are being felt not just in London, but across the UK, including Scotland”, said Lloyds’ Gareth Oakley.