BusinessCompany NewsFDs: Olympics’ benefit ‘limited’

FDs: Olympics' benefit 'limited'

Will a London Olympics bid bring business benefits to the rest of the country as well?

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One in three finance directors believe the London Olympic bid will bring no benefit to the rest of the UK.

This week’s Accountancy Age/Reed Accountancy Big Question found that 30% of those surveyed thought that regions outside London would be left out.

Concerns have been raised over whether the current infrastructure is sufficient to support the Olympic games, and whether any benefit would be limited to London.

Bryan Armour, finance director for Parchment Housing Group, said: ‘The choice of London is unlikely to bring great benefit elsewhere.

The real danger for the rest of the country may be a capital that is more attractive and efficient and which may make it more difficult to justify moving jobs and finances out to provincial cities.’

However, 64% of the 188 respondents thought a London Olympics would help the rest of the country. ‘Although based in London, it will have a spin-off effect on other cities, generating business within other cities,’ said Robert Lynn, financial director at Stag Shopfit.

Following previous Olympic games, some locals have complained that many of the benefits are only short term. The changes made to increase capacity in the area become redundant after the games, it has been argued.

In an earlier survey by Accountancy Age/Reed Accountancy, two-thirds of those questioned said they believed the UK could afford to host the 2012 Olympics.

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