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Government to work with business to ‘capitalise on Olympic success’

Business leaders and ministers are to work together to capitalise on the success of the 2012 Olympic Games, with the aim of realising an international business legacy that will benefit the UK economy by an estimated £13bn in the coming months and years.

In recent weeks, business deals worth up to £14bn have been announced, with 4,000 business leaders and global figures attending the British Business Embassy events during the Olympics and Paralympics.

Business Secretary Vince Cable said, ‘Team GB has seen exceptional success at the Olympics in the last few weeks and, at a time when the international spotlight is firmly upon us, we have also seen huge levels of investment by businesses’.

‘Our task now is to drive home the message that Britain is open for business, and to enhance the conditions that companies need to invest and grow.’

Business groups have hailed the success of the Olympic Games, and are urging the Government to create a legacy that will help to encourage innovation, boost employment and secure growth in the years ahead.

Graeme Leach of the Institute of Directors said, ‘The Olympics has been a fantastic show, and it is now crucial that we get as much economic benefit from it as possible. Bringing visitors to the UK is a good way to make money in the short term, but it is the big contracts to bring investment in and sell British goods abroad that are the real prize’.