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Olympic legacy for UK economy

British businesses stand to benefit from up to £14 billion worth of investment deals that have been secured in recent weeks as eyes have been on the Olympics, the Government has announced.

Ministers have also vowed to help firms capitalise on the Games, hoping to create an international business legacy that could bring £13 billion to the UK economy in future years.

The Government believes this will include £1 billion in extra sales for businesses taking part in the British Business Embassy programme, £4 billion of overseas opportunities for UK firms and £6 billion of inward investment into the country. Tourism is also set to receive a £2.3 billion boost.

The Government's international business legacy programme will aim to continue showcasing British business through programmes at major international events such as the Sochi Winter Olympics and trade missions to countries set to host future Olympic events, including Russia and Qatar.

Deputy Prime Minister Nick Clegg said: "It's not only our athletes who have shown themselves to be world-class, British businesses have played a key role in delivering our most successful games in history."

"Producing the most spectacular show on earth has given UK companies the skills and expertise to support Brazil as the baton is passed to Rio 2016."

"We have identified huge opportunities for UK firms to work on the next Olympic games in Sochi and Rio - a golden boost to British businesses that will create jobs and support economic growth."

Colin Stanbridge, chief executive of the London Chamber of Commerce and Industry (LCCI) called on the Government to act quickly and seize opportunities created by the Olympics.

"Each of our embassies around the world should be showcasing what British companies have achieved in terms of engineering, building big venues and putting on such a spectacle."

However, he criticised marketing rules surrounding the Games which restricted some business's ability to 'capitalise on what they have achieved.'

Over 3,000 business leaders have been welcomed to London over the Olympic period, including more than half of the FTSE 100 companies, to encourage investment into Britain. The 12 Global Business summits being held at Lancaster House in London will run into September.

Nick Clegg and Brazilian vice president Michel Temer will today host the Brazil Business Summit to forge new trading partnerships between the UK and Brazilian businesses - a country viewed as a key emerging market.