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Saturday26 July 2014

Olympics' £10 billion boost

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UK economy’s £41bn benefit by 2020

Last year’s London Olympics have boosted the UK economy by £10 billion with this figure estimated to grow to £41 billion by 2020.

A government report examined international trade and inward investment won “because of the Games and Games-time promotional activity”.

The figures for economic growth are based on deals already signed as well as predictions of the expected value of future opportunities.

Earlier this year, a ban preventing architects from promoting their work on the 2012 Olympics was finally lifted.

The Department for Culture Media & Sport said it has now set up a ‘supplier recognition scheme’ with the British Olympic Association and the IOC. This will see 2012 Games firms able to apply for a free licence which will allow them to promote their work at trade shows, apply for industry awards for their 2012 work and use their involvement in direct pitches and tender documents.

The Design Council has also created a digital hub to help designers and architects generate new business. The initiative is being supported by UK Trade and Investment.

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