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London looks forward to economic spike with Olympics

Many are predicting that the hosting of the Olympic Games in London will produce an upturn in the capital's economic fortunes, it has been noted.

Writing for LondonEveningStandard.co.uk, columnist James Ashton noted that this spirit of optimism could be matched by commercial figures as long as vital services such as accommodation, security and transport can be run efficiently throughout the Olympics 2012.

He highlighted how the sporting competition is without doubt an event to savour and should be a great chance for people to develop business contacts, while £300 million of ticket sales will automatically add 0.1 per cent to the country's GDP in the third quarter.

Mr Ashton gave an example of the increased numbers of consumers and business people by pointing out how full the the Westfield shopping centre will be, saying: "By the time the Games come to town on July 27th, it will be full. Not with athletes but with business people: eating, drinking, swapping business cards, and perhaps even watching some athletes compete."

According to The Telegraph. Queen Elizabeth is reportedly renting out the grounds of Kensington Palace to Russia's Olympic Committee.

The strip of land known as Perks Field will be converted into a Russian cultural festival of sorts to allow the monarch to boost her coffers ahead of a change in the way the Royal Household is funded.

A £6 million shortfall is expected from 2013.

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