London reaping Olympic rewards

Britain not only cleaned up in the medal tally but it has also laid claim to the true gold ? billions of dollars in trade revenue.

A report commissioned for the Mayor of London shows the 2012 Olympic Games boosted London's economy by $A16.4 billion.

Gordon Innes from the city's tourism body, London & Partners, says the city has been experiencing a boom in trade since the Olympics.

?We?re seeing phenomenal growth in the city at the moment. We?re forecasting an additional million people coming into London over the next decade.?

Investors have poured more than $6.5 billion dollars into the capital since the closing ceremony, creating more than 20,000 new jobs. And that figure is expected to triple in the next three years.

Mr Innes says Australian investment has played a big part in the trade revenue pouring into the city.

?Australians have played a huge part. Obviously there?s the very large Westfield development ? 1.4 billion pounds of investment right next to the Olympic park,? he says.

?We?ve now got Westfield in partnership with British Property company regenerating south London around Croydon. Companies such as Lend Lease building out the new international quarter at Stratford. But also companies that are coming over and setting up here from Adstream to Closed Loop, companies such as Slater and Gordon all taking advantage of the opportunites of growth in the economy and bringing those businesses across to London.?

Australia is the sixth largest investor into London this financial year.

Tourists too are flocking to the city.

A record 3.4 million jetted in, in the first three months of the year.

Mr Innes says London's appeal to Australians has been driven by the city's rejuvenation from the Olympics.

?What?s attracting Australians to London? The weather?s shocking, the coffee?s bad and the sports teams are nowhere near as good as ours. Why are Australians choosing to come to London? I think we?ve seen a rebirth in many ways since the Olympics.?

Remarkably, Australian visitor numbers to London dropped during the 2012 Games, but a year on Australians are returning in record numbers and we?re cashing in on the high street.

The strong Australian dollar has seen Australians spend a staggering $780 million.

The Eurostar alone is reporting a 37 percent increase in Australian passengers.

?Legacy was built into the DNA of the bid,? says Mr Innes. ?They went out to Sydney, they went out the Beijing, they learnt the lessons, both the good and the bad. One of the key lessons after the phenomenal showcase of the Games is to get straight back into the market and give people a reason to come back and visit and see what they saw on the television.?

Scenes from the Games are set to be repeated when London?s Olympic park is reopened ? and renamed ? Queen Elizabeth Olympic Park ? during a week of celebrations to mark the anniversary.

Source: http://www.sbs.com.au/news/article/1790742/London-reaping-Olympic-rewards

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