Olympic Winners

I posted last week about the possible effects the Olympic Games would have on the U.K. economy. Since then, I’ve heard a few conflicting reports as to the benefits. The FT has published an article highlighting some of the benefits, but it does suggest that some caution is needed and that it will not automatically be good for the economy.

For example, estate agents will be rubbing their hands as the Halifax reports that house prices have risen in the previous four host cities by more than the national average – good news for them but probably not what first-time buyers around London want to hear.

There are also likely to be benefits for the construction, travel, hotel and tourism industries, although if the Olympics in London is to be seen as a financial success this will have to be proved over the long term, once the games have gone – Sydney has not seen much of an increase in it’s tourism since the games there, and they are paying out $34M dollars to maintain the Olympic facilities.

What we certainly don’t want is another Millennium Dome fiasco, leaving an expensive white elephant, but I have a hope that the organisation behind the Olympics will put in sufficient planning to make the games a great event and to ensure the on-going success of the facilities it leaves behind.

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