Olympics ‘have boosted London’s reputation among businesses’

December 18th, 2012 Category: Building Management

Companies are becoming increasingly confident in London's suitability as a place in which to do business following the Olympic Games.

The UK capital was already highly regarded by the business community prior to the flagship sporting event.

But with the Olympics generally regarded as a triumph, both in sporting and logistical terms, London's standing appears to have improved further.

A survey by the CBI and KPMG carried out in July 2012 revealed that 86 per cent of firms considered London as a good place in which to operate.

However, a new poll by the two organisations found that 92 per cent now hold this view – which is almost certainly a consequence of the successful Olympics.

This bodes well for the city's economy in the coming months and years, as companies who are keen to establish a presence in London's offices, warehouses and retail premises could help to create thousands of jobs.

Indeed, the CBI/ KPMG survey found that nearly two-thirds of firms expect to recruit as normal during the coming six months. Less than one in five of those polled in July said the same, illustrating the extent to which confidence has improved in the region in recent times.

Sara Parker, director for London at the CBI, commented: "It's really encouraging news for London that the hiring freeze seen earlier in the year has begun to thaw and more companies are now getting back to recruiting as normal."

She acknowledged that many companies are still "cautious" about the state of the economy, but said 2012 has been an "upbeat year" for London, with lots of firms feeling invigorated by the Olympic effect.

Richard Reid of KPMG added that the capital's accomplishment in delivering a successful Olympic Games has helped to make it a "more attractive place" to invest and do business.

The survey found that most firms believe the Games will help to promote London across the globe and improve the image of the east of the city in particular.