Olympic Boost To Uk Economy
Following the announcement by UKTI of the series of Global Business Summits to
take place during the London Olympics, the Parliamentary Yearbook has been closely
following progress and achievements as the conferences take place
During the six weeks of the Games, the British Business Embassy hosted 17 global
business summits at Lancaster House, following the annual Global Investment Conference
on July 26. Each was targeted at individual sectors or countries.
The series of global business summits at the British Business Embassy is the largest and
most ambitious set of trade and investment events ever held in this country.
Over 3,000 Government Ministers, business leaders and policy-makers from the UK and
around the world came through the doors of Lancaster House. These events allowed
businesses and Governments to exchange views and ideas, discuss local and international
economic challenges, develop strong global partnerships for future growth and showcase
the best of British business to the world.
Ministers last week vowed to capitalise on the success of the Olympics by working with UK
firms to realise an international business legacy that could be worth 13bn to the UK
economy in future years.
This builds on the substantial investment decisions we have seen in recent weeks, with
14bn of business deals announced at a time when the eyes of the world have been on the
During the Olympics the Prime Minister, Deputy Prime Minister, Chancellor, Business
Secretary and 35 other ministers have welcomed around 3,000 business leaders and global
figures so far, including over half of the FTSE 100 companies and hundreds of international
buyers, investors and policy makers, to 12 Global Business Summits at Lancaster House.
Speakers have included IMF Managing Director Christine Lagarde, designer Stella
McCartney and Apple designer Sir Jonathan Ive. Further events will continue into
September, with the total number of attendees set to reach 4,000. A programme of 75
business seminars around the UK is also underway.
Last Friday, Deputy Prime Minister Nick Clegg and Brazilian Vice President Michel Temer
jointly hosted a Brazil Business Summit bringing UK and Brazilian businesses together to
forge new trading partnerships, including multi-million pound opportunities to help deliver the
Rio 2016 Games. Already, Aecom UK has won an international competition to design the
Rio 2016 Olympic Park Master Plan, Populous designed the Sochi stadium, and a number of
British companies including Atkins have won around 600m contracts for Qatar 2022 in
related infrastructure development and planning.
At the event, Asyst International + Rhealeza, a Brazilian multinational providing a range of
ICT services, will announce plans to create 700 UK jobs over the next three years. Bristol
firm Viper Subsea will announce that it has secured a major contract for the supply of
underwater components for use in a deep-water development the Santos Basin, offshore
Brazil. And the UK Intellectual Property Office will announce the appointment of a UK
Intellectual Property Attache to Brazil to support UK firms doing business in this fast growing
Overall, hosting the Olympics is forecast to deliver around 13bn in economic benefit to the
UK in the coming months and years as businesses take advantage of the unique
This includes 1billion of extra sales for businesses taking part in the British Business
Embassy programme, 4 billion of high value overseas opportunities for UK firms in markets
including Brazil, Russia and China, 6billion of inward investment and a 2.3billion boost to
Deputy Prime Minister, Nick Clegg, said:
"It's not only our athletes who have shown themselves to be world-class, British businesses
have played a key role in delivering our most successful games in history.
"Producing the most spectacular show on earth has given UK companies the skills and
expertise to support Brazil as the baton is passed to Rio 2016.
"We have identified huge opportunities for UK firms to work on the next Olympic games in
Sochi and Rio - a golden boost to British businesses that will create jobs and support
Business Secretary, Vince Cable, said:
"Team GB has seen exceptional success at the Olympics in the last few weeks and, at a
time when the international spotlight is firmly upon us, we have also seen huge levels of
investment by businesses.
"Our task now is to drive home the message that Britain is open for business, and to
enhance the conditions that companies need to invest and grow."
Foreign Secretary, William Hague, said:
"The extraordinary success of the 2012 Olympics has proved to the world that British events,
products and services are second to none.
"We are making this message clear to partners in Brazil and the region in the months and
years ahead, working with businesses of all sizes and sectors to help them get ahead of the
competition on the international stage.
"Boosting our trading links with nations around the world is vital to securing the sustainable
economic growth we need and this is a challenge the whole Government is committed to
Trade and Investment Minister, Lord Green, said:
"The Games have provided a golden opportunity to enhance our status as a leading
business partner and destination for investment."
"At the British Business Embassy we have so far hosted 3,000 business people from large
and small firms alike. The connections they have made will deliver real economic results.
"We are now working hard, alongside firms around the country to follow up the contacts,
networks, announcements and momentum created by the Games."
The Government's international Olympic business legacy programme, including the
Host2Host programme, Suppliers Directory and British Business Club have been delivering
benefits for UK companies since the programme commenced in 2007.
Following the Olympics, initiatives to promote UK businesses will include:
`Great Britain Delivers' - a multi-media showcase taking the message to the world that
the UK can deliver major global projects on time and on budget.
Further British Business Embassy programmes at major international events including
the Sochi Winter Olympics in 2014 and subsequent Games, including the
Commonwealth Games in Glasgow in 2014.
Trade missions to countries set to host the Olympics, Winter Olympics and the FIFA
World Cup in the coming years, including Brazil, Russia and Qatar, to export the
expertise and skills of UK firms. An estimated 1.5bn worth of contracts have been
identified flowing from Sochi 2014 and Rio 2016.
Business groups and senior business figures taking part in British Business Embassy events
have voiced their support for the programme and the importance of securing a business
legacy from the Olympics.
John Cridland, CBI Director-General, said:
"British business has played a huge part in delivering a fantastic Olympic Games. We now
want to build on that achievement, and the talent and skills that have underpinned it, to
create a legacy which helps the UK to secure growth and new jobs in the years ahead."
John Walker, National Chairman, Federation of Small Businesses, said:
"The FSB is pleased that the British Business Embassy events have been selling `Brand GB'
as a strong and innovative brand to global business. It is important that the Government
builds on the Olympic legacy created by encouraging big business to support small
businesses in the supply chain to encourage innovation and boost exporting."
Graeme Leach, Chief Economist at the Institute of Directors, said:
"The Olympics has been a fantastic show, and it is now crucial that we get as much
economic benefit from it as possible. Bringing visitors to the UK is a good way to make
money in the short term, but it is the big contracts to bring investment in and sell British
goods abroad that are the real prize. It is good news for business that so many foreign
delegations and business leaders have come to London to see us set out our stall. We know
our athletes are world-beaters, and now it is time to show that our companies are, too."
Starting with the Global Investment Conference when the Prince of Wales hosted delegates
in the garden of Clarence House, the events have seen highlights from the Duchess of
Cambridge bringing together creative industries in a royal reception to a life sciences summit
attended by 15 Health Ministers from around the world.
As a result of this unprecedented drive to promote UK businesses to international investors,
UK Trade and Investment is engaging with hundreds of companies on their overseas export
plans, and supporting foreign investors with inward investment opportunities into the UK.
The Parliamentary Information Office will continue to monitor and report on progress as we
go through the weeks ahead and provide a full report on achievements at the end of the
series of conferences