Liverpool 2022 Commonwealth Games could generate £1bn economic boost, finds study
The 2022 Commonwealth Games could deliver a £1bn economic boost for Liverpool and the wider UK economy, according to research.
A new study carried out by professional services giant Deloitte, a supporter of the city’s bid to host the Games, estimated that around £110m could be generated in the build-up to the competition through increases in tourism and associated construction work.
Deloitte’s findings also claimed that visitor spend during the Games on hotels, hospitality, retail and travel in the region could generate £60m in additional economic activity.
Legacy benefits for the city, chiefly in the five years following the competition, could account for £750m and a further £120m shared across the UK, according to the study.
Brian Barwick, the Liverpool 2022 Bid Chairman, said: “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.”
He continued: “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.”
Liverpool Mayor Joe Anderson commented: “This study shows that hosting the 2022 Commonwealth Games makes huge sense for the city, wider region and UK as a whole, delivering significant and lasting economic and social benefits.
“It will be truly transformational and will accelerate up to £1bn of planned investments to transform the city’s world famous waterfront.”
He added: “Existing plans for Everton FC’s new stadium at Bramley-Moore Dock, 1,700 new homes in the north docks, the 10 Streets Stadium Gateway Development and Kings Dock destination development will all be accelerated, creating 12,000 new jobs and leaving a lasting legacy for communities across the city.”
Deloitte partner Mark Lawrie said: “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, Mr Lawrie explained, will have “a significant impact on the regional economy and help to secure an enduring legacy benefit for the UK”.