Will the British economy benefit from the Olympics?
Linda Richardson, Partner at Menzies LLP, comments on the effects of the Olympics on the British economy.
Will the London Olympics only provide a short-lived fillip to the British economy or do we stand to gain a strong financial legacy? Here are Linda Richardson's thoughts on this currently hot topic:
"No one can accurately predict the financial impact of the Games on the British economy. However, off the back of the Olympic "spend", we have a golden opportunity for, and London has been promised, regeneration, business support initiatives, jobs and skills training, cultural and creative programmes and sports programmes. All of this will promote growth in the economy at a time when it is much needed.
The eyes of the world are on London and the UK this summer, due to the Olympics and Diamond Jubilee celebrations, and more tourism and extra public spending will lead to increased activity.
There will be logistical problems during the summer and production may suffer in the short term. I believe lost ground can be made up and the financial legacy will be more than short term and with significant and lasting benefits."
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