Posts tagged Olympics 2012

Inward investment on the rise as Olympics brings £2.5bn to UK economy

Inward investment on the rise as Olympics brings £2.5bn to UK economy

Britain’s Olympics has delivered a £2.5 billion boost in foreign direct investment (FDI) over the past year, bringing with it more than 31,000 jobs, according to preliminary figures published today.

The investment projects generated following the 2012 Olympics’ British Business Embassy programme of global business summits have helped ensure that the UK has again retained its position as the leading European destination for foreign direct investment.

The preliminary data published today at the Global Investment Conference shows that during 2012-13, UK Trade & Investment (UKTI) recorded 1,462 projects which brought with them or safeguarded 163,489 jobs. Of these 58,170 are new jobs – beating both the quantity of investment attracted and employment secured in the previous year.

The Prime Minister, David Cameron joined other high profile delegates from 40 countries at the Global Investment Conference, including the German and Canadian finance Ministers, Managing Director of the International Monetary Fund Christine Lagarde, global chief executive officers, sovereign wealth funds representatives and corporate investors.

Senior Ministers Chancellor George Osborne, Energy Secretary Ed Davey, Trade Minister Lord Green, Treasury Ministers Greg Clark and Lord Deighton and London Mayor Boris Johnson also spoke to delegates about the UK’s compelling offer as both a hub for global growth and an international investment destination.

Trade and Investment Minister Lord Green said: “Foreign investment creates hundreds of thousands of jobs and helps to increase the productivity and competitiveness of the UK economy. It’s a vital strand of the Government’s plan for growth.

“The 2012 Olympics were a once in a generation opportunity for the UK to showcase to the world Britain’s compelling investment offer and these preliminary figures are very encouraging. Despite strong competition from our traditional competitors and emerging economies, Britain has retained its position as the leading destination for foreign direct investment in Europe.

“To retain the UK’s enviable position as one of the most attractive global locations of choice, Britain will need to continue to work hard to attract high value foreign investment in the coming year and beyond.“

The preliminary data published today compares favourably with last year’s 1406 recorded projects (4% increase) and 112,659 jobs (45% increase). Of the 163,489 jobs, 58,170 are new jobs and 105,319 safeguarded jobs. UKTI and its partners were involved in delivering nearly 84% of the projects. Full results will be published in July.

Olympic Legacy for the Trades as well Sport

“Post-Olympic Work to Create New Jobs in the Trades” 

The London Legacy Development Corporation (LLDC) has appointed Britain’s second biggest homebuilder to build the first of the five new neighbourhoods on the Olympic Park.

The appointment of Taylor Wimpey and asocial housing landlord L&Q will transform the 9.3 hectare Chobham Manor site, delivering 870 new homes and supporting thousands of new jobs in the trades.

Sitting between the Athletes’ Village and the Lee Valley VeloPark, the development of Chobham Manor will address the residential needs for larger homes, with more than 75% of the new homes offering family housing.

Eleven thousand new homes, schools, nurseries and shops are set to be built in the Olympic Park over the next 20 years after the London Games leave town.

Daniel Moylan, Chairman of the London Legacy Development Corporation, said:“Chobham Manor will set the tone for the high quality neighbourhoods we want to create across the Park with new schools, health centres and community spaces to support them.”

The Mayor of London, Boris Johnson, welcomed the announcement by emphasising the future benefits for local communities and the increasing accommodation needs in the city.

Mr Johnson said: “With the incredible energy of London 2012 captivating audiences across the world, the long-term legacy of the Olympic Park is quietly going from strength to strength.

“The development of Chobham Manor is major milestone and will help ensure a thriving community on the Park becomes a reality sooner rather than later.”

What are your reactions of the Olympic Games and the lasting legacy they will bring to London’s infrastructure? Do you welcome the Post-Olympic work which is set to deliver thousands of new homes for Londoners? Share the wider implications of the Games for you and your business by commenting here or raising your voice on our Facebook and Twitter page.

Regeneration of Olympic Park to Boost the Building Construction Industry

 The London Legacy Development Corporation (LLDC) has unveiled plans for the regeneration of the future Queen Elizabeth Olympic Park which will generate millions of pounds in the British economy and boost the building construction industry.

The new park will reopen exactly one year after London 2012 opening ceremony, becoming an exciting new visitor destination and community park unlike any other in the UK, the LLDC said.

The creation of the Queen Elizabeth Olympic Park will be one of the biggest construction projects in Europe. The 18 month transformation programme will lay the foundation for further building and construction work in East London over the next 20 years.

The transformation programme will clear Games-time structures including temporary venues such as bridges, walkways and roads. It will also connect the Park to the surrounding area with new roads, and foot paths as well as complete permanent venues to be used by visitors and the public.

The Legacy Corporation said that it is working together with experienced team of construction and architecture specialists who will deliver the best quality Park whilst making sure plans are completed as quickly and efficiently as possible.

Chief Executive of the LLDC, Andrew Altman, commented that the Queen Elizabeth Olympic Park will become one of the most thriving parts of London and will help for the creation of thousands of new homes and jobs in East London.

Mr Altman said: “The transformation will take the Park from an Olympic site, to a new piece of London that’s owned and shaped by the community in and around it. Above all, the Park will create a place of practical benefit for the surrounding community – a place to take your children swimming at weekends, go to school, walk your dog or go to a festival in the summer.”

The Mayor of London, Boris Johnson, also emphasised on the importance of the Olympic site for Britain’s economic growth and future prosperity.

He said: “The fantastic new sporting venues are only one part of the unfolding legacy story. The Park will help drive the growth London needs to steer it out of recession and on to long term prosperity.”

What is your reaction to the post-Olympic work revealed by the London Legacy Development Corporation? Share with us how you might benefit from the project by leaving a comment below: 

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