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Olympics: Cameron Launches Investment Drive

A day after shock figures confirmed Britain is in the longest double- recession for 50 years, the Prime Minister the Olympics to show "Britain is back open business".

Lancaster House in central London has been made the British Business Embassy for the Games and ministers claim £1bn in extra investment could be generated the coming weeks.

Guests the Global Investment Conference include the International Monetary Fund's managing Christine Lagarde and Google's executive chairman Eric Schmidt.

In , more than 4,000 of the world's top business leaders will attend a of summits.

Mr Cameron said: " a time when it is global business partnerships, new investments and start- ventures that will help get the world to growth, nothing symbolises the opportunity of partnership and collaboration more the Olympics.

"So yes, I want medals Britain, and there will be no more passionate supporter of Team GB than . But I've got a job to do this summer, and a big of that job is to get behind British business, and everything I can to help secure the trade and investment that will help get the world back sustained, global growth."

The Department of Trade and Industry is predicting the Olympics will generate £13bn of inward investment UK plc in the next few years, outstripping the £9bn cost of staging event.

Business Secretary Vince Cable told Sky News that a profit from the Games was "realistic".

"We do believe we can the Olympics into not just a great sporting spectacle, which it will be, but also a great opportunity for the UK from a business and economic point of ," he said.

"There's what we call a business embassy base, British businesses will be able to meet on a continuing with very large numbers of high level people coming through London.

"There will be a global conference today with some top level people coming to speak and interact us, and a constant process of conferencing, discussions and negotiations, an estimate of around £13bn has produced as a plausible figure for the kind of business that could generated."

The conference starts a day from the announcement that the UK's economic output shrank by 0.7% in the second quarter of this year.

, some businesses do not share the Government's optimism over the event. Dominic Geraldi, general manager of Pimlico Plumbers, said the Olympics are not good business.

He said: "Obviously it's going to benefit some industries as hospitality, transport, tourism and retail.

"But for the of businesses, particularly in London, it will have a negative and disruptive effect. It's taking my staff much to get to jobs."

Forman's, a Hackney- smoked salmon manufacturer, has started a hospitality business on the doorstep of the Olympic Stadium, but owner Lance Forman says business has discouraged in the area.

He told Sky News: "A lot of businesses don't get it. We have tried to get them to here and a lot haven't worked it out.


Adapted and abridged from: Sky News, July 27, 2012.