Arab Today, arab today british economy struggles to secure golden olympics boost
Last Updated : GMT 20:38:58
Arab Today, arab today
Arab Today, arab today

British economy struggles to secure golden Olympics boost

Arab Today, arab today

Arab Today, arab today British economy struggles to secure golden Olympics boost

London - AFP

With the London Olympics set to wrap up Sunday, analysts said Britain\'s recession-hit economy was unlikely to have won a major boost from the Games that have been a triumph for the nation\'s athletes. While Britain\'s construction sector benefited hugely before the Olympics, experts have said the 17-day sporting spectacle had not delivered significant financial rewards and neither was it expected to in the months and years ahead. Mary Rance, chief executive of tourism body UKinbound, said the Olympics which have cost British taxpayers £9.3 billion ($14.5 billion, 11.8 billion euros) to stage have failed to lift her sector. \"From a positive perspective, the Olympics have been a catalyst for huge investment in infrastructure in London,\" Rance told AFP. But she added: \"All the signs are that the Olympics have not delivered additional visitors to London and the UK. In fact, it is expected that numbers may well end up having fallen by well over 30 percent.\" Following claims in the first few days of the Games that they had turned London into a ghost town, British Prime Minister David Cameron urged people to \"come back into the capital.\" And his words seem to have made an impact, with retailers across London\'s main shopping district in and around Oxford Street reporting an increase in sales and a higher footfall in the days after Cameron\'s remarks. In the run-up to the Olympics, which began on July 27, commuters and tourists were warned to stay away amid fears that London\'s transport system could not cope with millions of extra people descending on the capital. The Games had long been heralded as a key boost to the British economy but industry body the European Tour Operators Association said tourist numbers had fallen \"dramatically\" in the first few days of the Games. \"Hotels have been cutting their prices and many shopping areas, restaurants, theatres, attractions and entertainment venues have seen a significant reduction in business,\" added Rance. \"Although it must be said that shopping centres like Westfield Stratford City, next to the Olympic Park, have benefited significantly -- and over recent days visitors seem to be returning to central London,\" she added. Businesses complained of being sidelined as tourists made a beeline for the Games and avoided the capital\'s other attractions and shopping destinations, while non-sports fans opted to stay at home or delay their trips. The Bank of England\'s chief economist Spencer Dale last week said the Olympics would provide only \"a small positive contribution\" to the British economy. \"There may well be some extra spending from tourism, but as many of us know there has also been travel disruption, more people are going on holiday. So I think those effects are small. \"But the contribution from ticket sales and TV rights may lead to a very small boost to GDP in the third quarter.\" Britain\'s Office for National Statistics has already said that Olympic tickets sold last year would be incorporated into gross domestic product figures for the third quarter, despite the bulk having been paid for last year. Asked about the long-term benefits to the economy from the Olympics, Dale said: \"Those type of effects are a lot harder to try and work out and I don\'t think it will have a material impact in our projections.\" Analysts have said the Games could added 0.3 percentage points to British output in the third quarter, or July to September period. Britain escaped a deep downturn in late 2009 but fell back into recession at the end of 2011. Latest official data showed GDP slumped 0.7 percent in the second quarter from the first three months of this year. Meanwhile the nation\'s coalition government, which has been hosting country leaders such as Russian President Vladimir Putin on the sidelines of the Olympics, said it hoped to strike trade deals during the event. And it believes it can generate £13 billion of business, including almost half coming from foreign direct investment, over the next four years as a direct result of the Olympics. But Slavena Nazarova, economist at French bank Credit Agricole, said the longer-term target was \"a little exaggerated\" given that Cameron had not included the greatest benefit thus far -- the boost to the construction sector as a result of transforming a disused part of east London to host much of the Games.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today british economy struggles to secure golden olympics boost Arab Today, arab today british economy struggles to secure golden olympics boost

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday