Hosting the Commonwealth Games in Liverpool and Manchester could bring a £1 billion boost to the region and wider UK economy.
A new study by business advisory firm Deloitte, which supports Liverpool’s bid for the 2022 competition, suggests the Games would provide a significant impact before, during and in the five years after the event.
It estimates that £100 million could be generated prior to the Commonwealth Games taking place, due to an increase in tourism through Liverpool’s higher profile, as well as through construction work in the city creating jobs for local people.
Visitors and those involved in the games could potentially help generate a further £60m as they spend on hotels, hospitality, retail and travel.
The study adds that Liverpool’s legacy benefits, mostly during the five years following the event, could account for £750m with a further £120m shared across the UK.
‘Place’ benefits such as the earlier development of infrastructure and regeneration projects; ‘people’ benefits such as healthier lives through sports participation and enhanced skills; and ‘productivity’ benefits through further tourism, exports and foreign investment are expected to bring this boost.
Mark Lawrie, partner at Deloitte, says: “We have conducted a robust socio-economic analysis within Treasury guidelines and we are confident that the analysis confirms a very positive impact for Liverpool, Manchester and the UK.
“It is also important to recognise that there are a large number of ancillary investments planned that will enhance the city’s infrastructure enabling it to both act as a host for the Games, and as a driver of trade and tourism for the UK. The acceleration of these investments will have a significant impact on the regional economy and help to secure an enduring legacy benefit for the UK.
“We believe that when considered in its entirety this evidence makes a compelling endorsement of Liverpool’s ability to showcase the best of ‘UK Plc.’”
Liverpool 2022 bid chairman, Brian Barwick adds: “This report shows what a successful bid could mean in hard terms for the city, region and the wider UK. Liverpool is a world-famous city, which people love to visit. Our Games plan, centred on Liverpool’s iconic waterfront, combines existing world class venues and stunning new facilities, such as a 50m pool in the city centre docks. It will attract visitors from around the world and provide a huge boost to the economy during the Games and for years to come.
“Liverpool has a rich industrial, cultural and sporting heritage and, as a globally-recognised city that has been on its own journey of reinvention, is the perfect place to showcase Britain in a post-Brexit era. And with Liverpool also being home to the UK’s official biennial International Business Festival which attracted over 42,000 day visitors and secured £600m of trade and investment in 2014 and 2016, the city is uniquely placed to promote UK Plc to the Commonwealth and beyond in 2022.”