This is the key point - there will be several people who enjoyed London and so will come back, and probably several who watched the games from elsewhere in the world on TV and have now added London to their list of places they want to visit.
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The Olympic "Legacy"
- Thread starter Nibble
- Start date
This is the key point - there will be several people who enjoyed London and so will come back, and probably several who watched the games from elsewhere in the world on TV and have now added London to their list of places they want to visit.
martyn20
Unwell but still smiling
A project like the Shard with it's millions of pounds of investment from the Middle East is a wonderful symbol of a growing London, they could invest anywhere but they choose London Bridge Station. I don't think these Games could have come at any better time for London, it's been a massive summer long advert for our Capital, the place everyone wanted to be.
You,re not saying anything Nibble other than some restaurants were a bit quiet. The Legacy to London and UK sport was not about whether a few tourists came for some overpriced grub in the capital.
I think it's quite ironic that you tell others they're not looking at "the bigger picture" when it's you that's starting a thread pointing at one month of trade and not looking at the impact on London tourism for years to come...
You should have started this in a couple of years time then if it is a question of "We'll wait and see"
There was a huge increase in investment in the elite Olympic squads after Atlanta and there has been a legacy if you equate that to medals won and participation in these sports. It still needs looking at though at the lower junior levels.
As for the promotion of London as a tourist or investment area, I doubt it will make much difference - you see most people already knew London was there Nibble.
As for throwing a party ? Well sometimes it is your turn and you buy a cake and a bottle of fizz. You don't make on the deal you just have a party and celebrate what is there.
As analogies go I thought it was pretty good.
Herne Hill Seagull
Well-known member
Forgive the extremely long post. The following is an extract from an independently commissioned study on the financial impact of the games, undertaken by Oxford Economics:
"Conclusion: London 2012 will make a substantial contribution to UK GDP of £16.5 billion, with the impacts occurring over an extended time period from the award of the Games to London, during the Games themselves and through much of the coming decade, and in some cases even beyond.
Most of the GDP effect linked to the Games (57%) stems from construction projects occurring before the Games, including the building of the Olympic Park and the development of other sites and venues across the UK. A further 24% of the impact is due to post-Games construction activities.
In addition, a 12% contribution to GDP is anticipated from Games-related tourism across the UK during London 2012 and over the first five legacy years, while spending on the staging of the event itself is expected to contribute six per cent. At its peak effect the Games will also help support and create the equivalent of more than 62,200 jobs in London and across the UK. 8.1 Much is still to come Most (70%) of the total GDP impact expected from London 2012 will come from the period in the run up to and including the Games, while their legacy could generate as much as £5 billion – nearly a third (30%) of the total economic effect expected - in the five years to 2017. In that sense the Olympic effect on the UK economy will not cease with the closing ceremonies.
The future benefits to be reaped by the UK economy from the Games include: £4 billion of construction related GDP generated by legacy projects, including new housing and infrastructure-related developments; £1 billion of tourism GDP from visitors who would not have visited London and the UK in the absence of the Games; Long-standing improvements in health and well-being and reductions in crime in the six new neighbourhoods and 3,850 affordable homes created in the Olympic boroughs, worth as much as £130 million per annum;
Better job and earnings prospects for nearly 78,000 workers involved in the London 2012 construction project that generate a 7.5% increase in these workers’ lifetime earnings, worth an aggregate £504 million in current money terms; Reintegration into work for 3,000 formerly unemployed people, boosting their long-term employability and raising their total life time earnings by as much as £121 million, which equates to an average of £40,000 per worker; and, a valuable short-term boost to consumer confidence and happiness levels."
I've also read an independent study by Goldman Sachs which draws similar conclusions.
The fact is, we won't know for some time. Short-term falls in income for businesses affected during the Games may be more than offset by the broader financial gains they brought the city, for example. I'm not an economist, I simply don't know. What I do know is that, by and large, the people who are economists see the Games as a net benefit. And that's before you add the unquantifiable variable of just how bloody great they made millions of people feel for a few weeks, which could in turn have a broader benefit to the country in ways we can't yet measure.
"Conclusion: London 2012 will make a substantial contribution to UK GDP of £16.5 billion, with the impacts occurring over an extended time period from the award of the Games to London, during the Games themselves and through much of the coming decade, and in some cases even beyond.
Most of the GDP effect linked to the Games (57%) stems from construction projects occurring before the Games, including the building of the Olympic Park and the development of other sites and venues across the UK. A further 24% of the impact is due to post-Games construction activities.
In addition, a 12% contribution to GDP is anticipated from Games-related tourism across the UK during London 2012 and over the first five legacy years, while spending on the staging of the event itself is expected to contribute six per cent. At its peak effect the Games will also help support and create the equivalent of more than 62,200 jobs in London and across the UK. 8.1 Much is still to come Most (70%) of the total GDP impact expected from London 2012 will come from the period in the run up to and including the Games, while their legacy could generate as much as £5 billion – nearly a third (30%) of the total economic effect expected - in the five years to 2017. In that sense the Olympic effect on the UK economy will not cease with the closing ceremonies.
The future benefits to be reaped by the UK economy from the Games include: £4 billion of construction related GDP generated by legacy projects, including new housing and infrastructure-related developments; £1 billion of tourism GDP from visitors who would not have visited London and the UK in the absence of the Games; Long-standing improvements in health and well-being and reductions in crime in the six new neighbourhoods and 3,850 affordable homes created in the Olympic boroughs, worth as much as £130 million per annum;
Better job and earnings prospects for nearly 78,000 workers involved in the London 2012 construction project that generate a 7.5% increase in these workers’ lifetime earnings, worth an aggregate £504 million in current money terms; Reintegration into work for 3,000 formerly unemployed people, boosting their long-term employability and raising their total life time earnings by as much as £121 million, which equates to an average of £40,000 per worker; and, a valuable short-term boost to consumer confidence and happiness levels."
I've also read an independent study by Goldman Sachs which draws similar conclusions.
The fact is, we won't know for some time. Short-term falls in income for businesses affected during the Games may be more than offset by the broader financial gains they brought the city, for example. I'm not an economist, I simply don't know. What I do know is that, by and large, the people who are economists see the Games as a net benefit. And that's before you add the unquantifiable variable of just how bloody great they made millions of people feel for a few weeks, which could in turn have a broader benefit to the country in ways we can't yet measure.
Nibble
New member
- Jan 3, 2007
- 19,238
- Thread starter
- #30
It weren't bad but you forgot to mention the cake was stolen from the shelves of an independant shop owner, down on his luck, a cockney frim London town with nothing but crumbs left to sell to tourists that will never, never come.........it's a tear inducing image i it not?
Hatterlovesbrighton
something clever
There is a huge difference about knowing that somewhere exists and wanting to visit there. I know that Leeds exisits but I don't want to visit there. I might though have my mind changed if I'm bombarded by thousands of hours of footage of the place and loads of people having fun.
Never heard of that language.
Hello It's the Dickens appreciation thread now.
I thought this was about legacy ? Those shopkeepers may not have seen the benefit DURING the games but that is not the discussion is it ?
Trust me you wouldn't........ Not Leeds.
Philzo-93
Well-known member
What a load of rubbish!!! London wa HECTIC throughout the games. You had olympians; coaches; media; tourists; paralympians; officials and fellow games makers all wanting to go into central London to soak it all up!
I've never seen London soo busy in my life!
I've never seen London soo busy in my life!
Nibble
New member
- Jan 3, 2007
- 19,238
- Thread starter
- #36
My point was that while, quite rightly the summer's events were hailed as a success and will have some plus points, of course they will but it appears a lot of businesses may not have the time to reap these long term rewards as they have closed or certainly won't make it through the next few months after their busiest season has been wiped out. Okay, to some a small business might not seem like much but if it's your business and there are enough that go this way it does have an impact on all of us.
You'll need to back that one up over the coming months Nibble or you'll look like some scaremongering newspaper that loves that sort of stuff. OK OK so Jellied eel sales were down.
Nibble
New member
- Jan 3, 2007
- 19,238
- Thread starter
- #38
I have talked to many people in London who have told me this. I hadn't realised. Obviously anecdotal evidence proves nothing but yes, as you say, it will be interesting to see what the actual figures pan out as. I'm not trying to scaremonger, I'm merely questioning the true cost of a successful Summer of Amazingness. I do this so you don't have to. You're welcome.
Common as Mook
Not Posh as Fook
- Jul 26, 2004
- 5,643
I was in London for the duration of the Olympics and my general impression was that the place was rammed. Granted the City and more working areas were quiet but the tourist hotspots were as busy as usual. Hyde Park was mental for pretty much every day.
As someone else has pointed out. Boris told Londonders to stay out of the centre, NOT tourists.
