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2012 Olympics will help us get of economic crisis’—Seb Coe

PUBLISHED: 22:58 26 November 2008 | UPDATED: 13:50 05 October 2010

THE 2012 Olympics will help Britain out of the economic crisis, claims its organising chairman Sebastian Coe.

The Games safeguard 3,500 jobs on the Stratford construction site and creates contracts worth billions, Lord Coe said.

The claim was made in response to the International Olympic Committee view that the London organisers face the toughest economic circumstances outside of a war

THE 2012 Olympics will help Britain out of the economic crisis, claims its organising chairman Sebastian Coe.

The Games safeguard 3,500 jobs on the Stratford construction site and creates contracts worth billions, Lord Coe said.

The claim was made in response to the International Olympic Committee view that the London organisers face the toughest economic circumstances outside of a war.

But Lord Coe insisted the Games will have “extraordinary economic impact” on the UK economy.

One in 10 workers on the Olympic site had been permanently unemployed before, he told a meeting of the Royal Society of Arts, Manufactures and Commerce on Tuesday.

“The work safeguards these jobs in an economic downturn,” he maintained.

“No-one would have chosen this downturn—but the Games could account for six to seven per cent of economic activity in London over the next five years.

“In good times or bad, this is a project that really has an extraordinary impact.”

IOC president Jacques Rogge was also confident the Olympics would survive the global economic downturn.

The 2012 Games would be less dependent on huge building projects than the Beijing Olympics earlier this year, which used existing and temporary venues.

The London Games are only building legacy’ facilities that will be used by the community long after. London has made regeneration’ a priority.

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