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£925 LONDON MILLION DEVELOPMENT AGENCY GREATER LONDON AUTHORITY TOTAL ESTIMATED THE CENTRAL BUDGET GOVERNMENT WHAT THE MONEY'S BEING SPENT ON *CORE OLYMPIC COSTS £3.081 billion INFRASTRUCTURE AND REGENERATION £1.673 billion CONTINGENCY £500 million OTHER (NON-ODA**) OLYMPIC £388 million POLICING AND WIDER SECURITY £600 million TAX*** (NOTE) £836 million †PROGRAMME CONTINGENCY £2.247 billion That's £5.906 billion more than the projected budget when London made the bid to host the games in November 2004. OLYMPIC BUDGET WHO IS PAYING FOR THE 2012 OLYMPICS? £2.175 £9.325 BILLION £250 MILLION £5.975 BILLION NATIONAL BILLION LOTTERY. LET'S SEE HOW THE CASH IS BEING SPLASHED AND WHETHER OR NOT WE'LL SEE ANY OF IT OLYMPICS IN RETURNS.
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SO, AS LONDON PREPARES TO HOST 20 OLYMPICS, WE ARE WONDERING HOW THE LONDON CITY WILL FARE. HISTORICALLY, MOST CITIES MAKE A LOSS ON THEIR INVESTMENT IN THE GAMES, BUT SOME HAVE COME OUT ON TOP. TO PREPARE FOR THE SPORTING EVENTS, THE MULTITUDE OF INTERNATIONAL GUESTS AND COUNTLESS TELEVISION VIEWERS, THE HOST CITY MUST SPENDA LARGE SUM OF MONEY ON FACILITIES, TRANSPORT INFRASTRUCTURE, HOUSING AND MAINTE- OF THE NANCE. £750M The ECONOMIC - IMPACT- EVERY FOUR YEARS ANOTHER CITY PLAYS HOST TO THE SUMMER OLYMPICS. Lloyds TSB predicts that the London Olympics, will generate £10 billion in revenue for the British economy as a whole.īREAKDOWN OF THE £750m INCREASE IN CONSUMER SPENDING PERCENT OF OVERALL EXPECTED GROWTH OF THE NATIONAL ECONOMYĭuring the seven weeks of games,international visitors will spend an estimated £709 million in the UK that's 18 percent more than if the games were not taking place.Īfter the Games are over, the Olympics Park will be redeveloped to provide 8,000 homes and 2,800 flats. (from increased wages,profits from home rentals, and increases demand for output and services)ĪDDITIONAL INCOME FOR UK RESIDENTS PER YEAR THERE IS GOOD NEWS: THE 2012 OLYMPICS ARE EXPECTED TO GIVE A NICE BOOST TO THE BRITISH ECONOMY. IN THE COST OF SECURITY AND CONSTRUCTION.ĪLTHOUGH SPENDING IS HIGHER THAN ORIGINALLY ANTICIPATED. UNFORESEEN GROUND CONDITIONS AND POTENTIAL INCREASES +CHANGES IN STATUTORY REQUIREMENTS (ENVIRONMENTAL PROTECTION AND HEALTH AND SAFETY). INCLUDED IN THE MARCH 2007 BUDGET (£836 MILLION INCLUDED IN FIGURE 1 ABOVE.PLUS £337 MILLION WITHIN THE PROGRAMME CONTINGENCY).* ***FOLLOWING HM TREASURY CONFIRMATION THAT THE OLYMPIC DELIVERY AUTHORITY WOULD BE UNABLE TO RECLAIM VAT. **OLYMPIC DELIVERY AUTHORITY: THE ORGANIZATION RESPONSIBLE FOR ENSURING THAT ALL VENUES AND INFRASTRUCTURE ARE DELIVERED FOR THE 2012 OLYMPICS *VENUES, TRANSPORT INFRASTRUCTURE,SITE SECURITY AND PROGRAMME MANAGEMENT When London made the bid to host the games in November 2004. That's £2.906 billion more than the projected budget THE MULTITUDE OF INTERNATIONAL GUESTS AND COUNTLESS TELEVISION VIEWERS,THE HOST CITY MUST SPEND A LARGE SUM OF MONEY ON FACILITIES,TRANSPORT INFRASTRUCTURE,HOUSING AND MAINTENANCE.HISTORICALLY,MOST CITIES MAKE A LOSS ON THEIR INVESTMENT IN THE GAMES,BUT SOME HAVE COME OUT ON TOP.SO,AS LONDON PREPARES TO HOST THE 2012 OLYMPICS.WE ARE WONDERING HOW THE CITY WILL FARE.LET'S SEE HOW THE CASH IS BEING SPLASHED AND WHETHER OR NOT WE'LL SEE ANY OF IT IN RETURNS. The ECONOMIC IMPACT OF THE 2012 LONDON OLYMPICSĮVERY FOUR YEARS ANOTHER CITY PLAYS HOST TO THE SUMMER OLYMPICS. Transcribed The economic impact of the 2012 London Olympics