Scots 'bought fewest 2012 tickets'

Jul 3 2012

Scots purchased the fewest tickets for the London Olympics but will be amongst the biggest regional beneficiaries of the Games' economic boost, a report has suggested.

Scotland is to receive the fifth highest economic boost out of twelve UK regions outside of London as a result of the Olympic and Paralympic Games, according to a new study from Bank of Scotland.

Scotland stands to gain a £1 billion share of £16.5 billion in GDP (gross domestic product) that the UK economy is predicted to receive, the study suggests.

Lloyds Banking Group also surveyed customers who had bought tickets and found those in London (27%) and the South East (24%) took the most seats, while customers in Scotland purchased the fewest at around 2%.

Of the total GDP supported, 41% is expected to occur in London; 9% in the South East; 7% in the North West; 6% in the East of England, Scotland, West Midlands, Yorkshire & the Humber and the South West; and 5% in the East Midlands.

The bulk of Scotland's economic boost (£774 million) stems from orders for construction supplies and equipment, other purchases of inputs within the supply chain, and spending of wages by employees within the supply chain.

Orders from Scotland contributed to the construction of the Olympic Stadium and Aquatics Centre. A further £185 million is anticipated to be supported by related tourism in Scotland before, during and after the games.

Some £53 million of GVA (gross value added) in Scotland is supported by the spend by LOCOG in staging the games.

Gareth Oakley, head of Bank of Scotland commercial, said: "London 2012 is the most important sporting event the UK has ever staged and Scotland is reaping the benefits.

"Delivering the Games has required an unprecedented level of capital investment over the past five years and the economic ripples of this are being felt not just in London, but across the UK including Scotland."