Saturday, July 13, 2024

England have added £2.7 billion to the UK economy so far – London Business News | Londonlovesbusiness.com

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England have added £2.7bn to the UK economy by reaching the final of Euro 2024 according to research from Genting Casinos who estimate that the Three Lions could end up generating £20bn under Gareth Southgate if they beat Spain in the final.

Based on the national team’s impact on sales of food and drink, kits and souvenirs, hospitality and TV and electrical purchases it is estimated that they have so far generated £2,658,519,484.97 at Euro 2024 and £12,138,143,696.40 overall during Southgate’s reign.

If this running total were to be counted as a national GDP figure it would rank higher than the economies of the Bahamas, Congo and Brunei, and just behind the likes of North Macedonia, Mauritius and Moldova.

Within the UK the value generated by Southgate’s reign so far would be comparable to agriculture, forestry and fishing, and mining and extractives for its annual contribution to the national GDP if it was counted as a sector of the economy.

Meanwhile, other sources have estimated that the royal family contributes around £1.7bn and Southgate’s England have already blown that contribution out of the water by generating £2.6m since the start of Euro 2024, with more to come.

A win over Spain in the final would increase these figures significantly should England lift the European Championship trophy for the first time in their history.

By merely playing in the final the total value they will have generated for the UK economy under Southgate will swell to £13bn. Victory against Spain, to go one better than they managed against Italy in the final of Euro 2020, could even push that contribution toward the £20bn mark. In truth, the potential impact of a win is somewhat open-ended should England finally end 58 years of hurt.

A spokesperson for Genting Casinos said: “Gareth Southgate may still be in the hunt for his first trophy as England manager but it’s clear that his impact on the national team has already delivered gold for the UK economy even if silverware so far remains elusive for the Three Lions.

“By beating the Netherlands, Southgate’s England took the value they have generated so far at Euro 2024 up to an estimated £2,658,519,484.97, and £12,138,143,696.40 across Southgate’s entire reign since September 2016.

“No matter what happens, those numbers will go up in the next match against Spain, with an appearance in the final set to be worth another £634,566,559.33 to the UK economy. A win over Spain would open up the floodgates to drive the team’s total contribution under Southgate toward the £20bn mark, or even beyond.

“Yet even if football isn’t coming home this summer, Southgate will be able to look back on his reign with pride as the most successful manager of the national team since Sir Alf Ramsey in more ways than one.”

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