Wales and Regions May Lose Pounds 2.8bn to London Olympics

Western Mail › December 21, 2005

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Summary

Jobs and investment could drain away from Wales and the north of England towards London as a result of the 2012 Olympics, an internal government report has warned. The scenario set out in the report - compiled by auditor PricewaterhouseCoopers for the Government - would see London GDP go up pounds 5.9bn, and other parts of the UK lose by pounds 2.8bn.

Culture Secretary Tessa Jowell said the figures were based on a 'do-nothing' approach from the Government, and steps would be taken to redress the balance.

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Extract

Wales and Regions May Lose Pounds 2.8bn to London Olympics

Ministers have repeatedly pledged that the Games would bring benefits to the whole of the UK. Prime Minister Tony Blair talked of 'unparalleled social and economic ...

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