Tyne Bridge with Olympic Rings 2012Nearly one year since the London Olympics ‘inspired a generation’ new research by the government has claimed the UK economy has been boosted by trade and investment.

The London 2012 Olympic and Paralympic games saw a £9.9 billion injection into the economy from businesses securing new contracts and an increase in foreign investments. The report claims that by 2020 the benefit to the economy could be up to £41 billion.

The report has been criticised by some who are sceptical of the figure. The Federation of Small Businesses has said that the effects of the games didn’t lead to a boost to those outside of London. The Mayor of Newham, Sir Robin Wales, slammed the government for ‘exaggerating’ the benefits of the games.

“With companies across the country we are harnessing the Olympic momentum and delivering the lasting business legacy of the Games that will help make Britain a winner in the global race.” – Prime Minister David Cameron

The report also claims that there has been an increase in volunteering since 2012. Volunteers were praised worldwide for helping the games run smoothly. A ‘Join In’ activity has been launched to encourage more people to volunteer.

David-Cameron-mediumCameron said: “Last summer, Games Makers changed the way Britain views volunteering. Since then, thousands of people have been inspired to get involved with their local sports clubs.”

It is claimed that an extra 1.4 million are playing sport at least once a week since 2005 when London won the games. However, a Sky News poll has revealed that the games inspired just 12% to take up a new sport or activity.

Over the next five years the government has promised £1 billion investment into youth and community sport projects.

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