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UBS and ELBA publishes report on the impact of the 2012 Olympics on East London's economy
London, 24th February 2006 - UBS and the East London Business Alliance (ELBA) published today a report 'Winning by taking part: East London's economy and the Olympics'. The report examines the cost and benefits of the 2012 London Olympics to the East London economy and the legacy it will leave the London Boroughs of Hackney, Newham and Tower Hamlets.
The direct benefits of hosting the Games are clearly positive and the report identifies a specific net economic benefit of between £5.9billion to £7.8billion pounds. However the direct impact of the Olympics on East London's economy is actually relatively small. The economic impact from hosting an Olympic Games is largely about legacy effects.
The opportunity to host the Games could represent one of the biggest single changes to East London's infrastructure and economy in over half a century. If effectively planned, the Olympics should benefit the economy through improvements to transport, education, health and the urban environment. The report also considers intangible benefits that can offer significant gains to the East London Economy. As East London becomes the focus of the international media, this is likely to generate corporate involvement in the East London community, an opportunity that is unlikely to be repeated for decades.
Peter Welton, Director of London Legacy 2020 for the East London Business Alliance commented: "The Olympics Games is a tremendous opportunity to leave a lasting legacy for East London. It is this legacy that will make the 2012 Olympic Games truly successful".
Paul Donovan, UBS Economist commented: "In many ways, it is the indirect or intangible benefits from hosting the Olympic Games that offer the greatest potential for the economy of East London. The legacy from the change in East London's social and urban environment; education and training; and the encouragement of inward investment will outlast the Games for some time."
For copies of the report please contact Sam Smith, Media Relations, UBS on +44 20 7568 9982 or at email@example.com.