Olympics worth 1.2bn to the North West

Lloyds Banking Group, a sponsor of the Olympic Games, has revealed that the UK will benefit from £16.5bn of spending due to London 2012, and the North West will be one of the biggest beneficiaries outside of the capital.

The calculations include contracts awarded to local companies, tourism spend and direct input from the London Organising Committee of the Olympic Games (LOCOG).

Manchester’s Old Trafford is the region’s only Olympic venue, hosting nine football matches and attracting more than half a million spectators, though the region as a whole is expected to benefit from an ‘uplift in public mood’ which will account for £165 extra spending per person.

Lloyds believes the effects of the games will be felt for up to half a decade.

Lancashire companies benefiting from the games include:
Accrington firm Coach Hire Booking, which has won the contract to provide taxi services at the Games
Burnley-based Balmers, which has supplied John Deere tractors and gators to two companies responsible for building Olympic equestrian event venues
Edge Hill University’s Ormskirk campus, which is providing intensive training to swimmers and track and field athletes for a number of Pacific Island countries.

Leigh Taylor, area director, Lloyds TSB Commercial in the North West, said: “The Games will present businesses with a number of tangible benefits - unprecedented opportunities for trade and a real competitive advantage in years to come; invaluable training and experience for employees; and an incredible contribution to economic activity across the UK.

"But it must not stop there. The challenge now is for these businesses to build on what they have gained from the Games so that they can continue to grow and so that others might follow their lead.”

Meanwhile, Thomas Cook asked firms across the region how they think the Games will impact their business. More than half (57%) expect a rise in retail sales, one in three (31%) think they will see an increase in footfall on the high street, and one in four (25%) a positive impact on British exports.

With the global spotlight shining on Great Britain, businesses also believe London 2012 will be good for brand Britain (30%), ranking the positive impact above the Diamond Jubilee celebrations, Euro 2012 and Wimbledon, causing a feel good factor and a boost to economic growth.