With a £778 million investment to stage the Games, the event is proving to be a catalyst for transformation across the West Midlands. The event has been attracting new investment and funding, creating jobs and apprenticeships for local people, new opportunities for local businesses, and accelerating projects that will ensure the region is ready to host a memorable sports and cultural celebration.
Although organisers for the Commonwealth Games have scrapped plans for building an athlete’s village in Perry Barr due to the Covid-19 pandemic, plans for building a new and rapid transport interchange between Perry Barr and Birmingham city centre for the Commonwealth Games are still going ahead. The high-speed service will benefit the people of Birmingham once the games are over, leaving the city with increased transport efficiency.
An additional £46 million are being spent on tourism and infrastructure development throughout Birmingham in preparation for the 2022 Commonwealth Games. Unlike London or Edinburgh, Birmingham can’t attract millions of tourists every year so the games will be a unique opportunity for Birmingham to attract millions of tourists to the city.
By placing Birmingham on the map, the Commonwealth Games have created an international platform for trade and tourism as the UK prepares for Brexit. Birmingham currently accounts for 10% of the UK’s international exports and the 2022 Commonwealth Games will create further global opportunities between the nation and the key global markets, such as China, USA, Europe, and the Middle East.
However, it is not just the economic benefits for the UK that are beneficial. The 2022 Commonwealth Games are a great opportunity to illustrate Birmingham’s unrestricted potential to the rest of the world, showcasing the region’s striking industrial heritage and rich cultural diversity.
(Tax Care Accountant, Birmingham drafted this post based on secondary research. None of the above information can be taken as a business, payroll, or tax advice from Tax Care Accountants based in Birmingham)