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Can sporting events impact upon the economy?

Today's victory by the England cricket team, which saw them snatch back the Ashes from the Australians, has given UK sport a massive boost in these most difficult economic times. However, there is a debate ongoing as to whether sporting events can actually impact on the economy and if so what kind of impact they can have.

Those who are sceptical of the impact of sporting success on the economy only need to look at the World Cup and the European Championships which brought a new confidence and a newfound enthusiasm to the UK population and immediately led to a significant increase in retail sales. Even though it is difficult to directly correlate a sporting event, success and the impact on the economy there is no doubt that the feel-good factor, even if it only lasts a few days, can be very strong and very lucrative for some parts of the economy.

As we have covered on numerous occasions, there is no doubt that confidence and enthusiasm in the UK economy and the UK as a whole will play a major part in the ultimate recovery in the UK economy. You can have all of the finance in the world available, the best buys out there, but if there is no confidence in the future then ultimately there is no point.

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