London Olympics could net British economy £4bn profit

Updated: Jul 26, 2012, 15:01 PM IST

London:The Department of Trade and Industry in UK expects the London Olympics to generate revenues of around 13 billion pounds through inward investment.

The anticipated income is greater than the nine billion pounds the department says the Games have cost, meaning the event would make a profit for the British economy of around four billion pounds.

Along with increased tourism, the Olympics is bringing the largest ever trade and investment event in the UK with it.

The event opens with the Global Investment Conference, which will be attended by Prime Minister David Cameron along with key players in the economic world, including the International Monetary Fund``s managing director Christine Lagarde and Google``s executive chairman Eric Schmidt.

Asked if it was realistic to suggest that the Games could make a profit, Business Secretary Vince Cable replied: “That is realistic. We do believe we can turn the Olympics into not just a great sporting spectacle, which it will be, but also into a great opportunity for the UK from a business and economic point of view.”