Britain’s sporting success will help economic growth
Sport has had a busy summer in the UK as we marked England’s victory at the UEFA Women’s Euro and the start of the Commonwealth Games last week.
It was with great pride that people across the country watched the Lionesses’ incredible performance and did us all proud.
For many, it has brought back fond memories of that moment 10 years ago, when London was home to the greatest show on earth – the 2012 Summer Olympics and Paralympics.
It became one of the most profound, successful, and defining events for our country. The whole world was looking at our capital and the City was at the heart of the action.
The Olympic torch came to St. Paul’s Cathedral just before the games, and Team GB’s Our Greatest Team Parade started from The Mansion House – celebrating the country’s magnificent medal haul and finishing third in the global table.
Given the UK’s size, it was an enormous achievement. It is no exaggeration to say it helped make us a sporting superpower and turbocharged a cultural shift by inspiring another generation of Brits to pursue either sporting careers or local, grassroots activities.
It is also a sector which is integral to our economic success and global reach.
You might be thinking: what does kicking a ball have to do with financial acumen? But in fact a new report has suggested UK sports events could deliver up to £4bn of soft power, trade, and investment benefits in the next decade.
While people have often vaguely understood that these types of benefits are there, the report, commissioned by the City Corporation and EY, revealed they are routinely underestimated and underreported.
Better strategic planning, targeting, and monitoring will not only improve the understanding of sport’s positive impacts, but actually enhance them even further.
This will make for a more coordinated approach which ensures major sporting events are linked to trade and international goals.
As we enter a new phase in the UK’s trading relationship with the rest of the world, being a nation known for sporting success will also help us maintain our political and economic strengths.
We must use our powerful sport sector to build on our existing global partnerships and develop links with new trading partners. Of course, London must work with the national government in Westminster to do so.
The sector boosts the economy in two ways. Directly, through job creation and spending, and indirectly by reducing healthcare costs due to a healthier population and reducing crime. But it is not all about economics – the social value of the UK sports industry is also clear.
For example, London’s hosting of the Olympics left a tangible and lasting legacy, giving more young people the opportunity to get involved in sport, and boosting redevelopment right across East London.
It unified the whole country and galvanised the City. And we have kept that flame of success burning and built on its achievements.
Sport has the power to bring people together and reach audiences which otherwise might be left behind.
When we do it right, sport captures the imagination of the world. London 2012 was not simply a standalone moment; it fired the starting pistol for what should be a great age of successful sport events in the UK.