{"id":16628,"date":"2012-07-31T08:51:24","date_gmt":"2012-07-31T07:51:24","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=16628"},"modified":"2012-07-31T08:53:07","modified_gmt":"2012-07-31T07:53:07","slug":"an-olympic-sized-economic-crisis-coming-to-the-uks-gdp-soon","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/07\/31\/an-olympic-sized-economic-crisis-coming-to-the-uks-gdp-soon\/","title":{"rendered":"An Olympic sized economic crisis coming to the UK&#8217;s GDP soon"},"content":{"rendered":"<p>The <a href=\"http:\/\/www.ft.com\/cms\/s\/0\/0767327a-da6d-11e1-902d-00144feab49a.html#ixzz22BUDdwMB\" target=\"_blank\">FT's reported this morning<\/a>:<\/p>\n<blockquote><p>The\u00a0Olympics\u00a0is creating a \u201cghost town\u201d effect in central London as visitors who would normally flock to the capital\u2019s shops, hotels and theatres stay away, casting doubt on expectations of a short-term economic boost from the games.\u00a0The games have attracted as many as 100,000 foreign visitors to London \u2014 more than in previous Olympics. But, on its own, that number significantly lags behind the estimated 300,000 foreign tourists who could be expected in a typical year.<\/p><\/blockquote>\n<p>I'm not\u00a0surprised\u00a0hat it's reported tourist numbers are down 30% for many London venues. People from home and\u00a0abroad are avoiding London. Given the number of empty seats on view it even looks like they're avoiding the Olympics. And the combination of this downturn in tourist activity coupled with the crash in building activity and the fall in employment that the making\u00a0redundant of all those on temporary Olympics contracts will\u00a0create will mean that next quarter's GDP figures, and the one after that, may look very ugly indeed.<\/p>\n<p>We could be in for an Olympic sized recession.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FT&#8217;s reported this morning: The\u00a0Olympics\u00a0is creating a \u201cghost town\u201d effect in central London as visitors who would normally flock to the capital\u2019s shops, hotels<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/07\/31\/an-olympic-sized-economic-crisis-coming-to-the-uks-gdp-soon\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-16628","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/16628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=16628"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/16628\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=16628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=16628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=16628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}