Olympics fail to Provide Economic Boost
Analysts have delivered a blow to the hopes that the Olympics would provide the UK with a major economic boost, after it was claimed that the event had not returned significant financial gains to the UK, after £9.3bn was spent in preparing for, and running the games.
The construction sector did reap huge benefits from the preparation for the Olympics, and the games also provided a good chance for the security sector to benefit, but this was hampered by G4S, who failed to provide the necessary staff and subsequently cost the tax payer more as public sector staff were deployed.
The tourism sector was another sufferer, and although the new infrastructure in London was expected to attract more visitors, it is believed that tourism actually fell by around 30pc over the course of the games. This will be predominantly down to visitors staying away amid fears London’s transport infrastructure would not cope under the increased pressure higher levels of commuters would bring.
Chief executive of tourism body UKinbound, Mary Rance, added: “All the signs are that the Olympics have not delivered additional visitors to London and the UK. In fact it may end up that numbers have fallen by well over 30pc”.
Share this..
Related stories
MPC considered a rate rise in August
The MPC minutes for August have been released and show that the members of the committee considered both an increase in UK base rates and a loosening of fiscal policy. Opinion is split within the MPC with regards to the future direction of the UK economy with a number of reports at the time suggesting the UK was picking up while consequently the opposite appears to be true. So what will happen in...
Read MoreGordon Brown rules out support for the UK currency
In a startling U-turn the UK government has ruled out sustained support for sterling which appears set to move to parity against the euro. The currency has been in freefall for some time and there were hopes that the UK government would make positive noises to try and alleviate the pressure on the pound. However, Gordon Brown has suggested that the exchange rate is a matter for the "markets" and t...
Read MoreUK inflation hits 3.5% in January
The rate of inflation in the UK increased from 2.9% in December 2009 to 3.5% in January 2010 with the increase in VAT and higher petrol prices at the heart of rise. This will prompt a letter from the Bank of England to the Chancellor of the Exchequer explaining why the rate is well above the UK government's target rate of 2%. While the increase was forecast by many analysts it does give the Bank o...
Read MoreMervyn King concerned about inflation
Mervyn King, the governor of the Bank of England, has today suggested that the UK economy could feel the impact of higher than expected inflation in the short to medium term. This comes despite the fact that the Bank of England has been adamant that inflation would fall below its 2% target range in the short to medium term, despite the fact that the consumer price index has remained above 3% throu...
Read MoreThree fined for failing to handle complaints
08/10/2014 Mobile phone firm Three has been fined £250,000 by Ofcom for failing to handle customer complaints properly. Ofcom, the communications regulator in the UK, investigated Three as part of a wider monitoring and enforcement programme, which examines whether communications providers' are dealing with customer complaints appropriately and fairly. The investigation found that Three did...
Read More