London 50,000 off the dole thanks to the Olympics

by liamssoft | July 18, 2012 at 06:54 am

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The "Olympic effect" has given a huge boost to the London economy with 50,000 jobless taken off the dole queues, official figures reveal today.

The capital's unemployment total fell 1.2 per cent to 8.9 per cent in the three months to May as the construction and preparation of the Olympic sites neared completion.

Projects such as Crossrail and the Shard, the opening of the new Westfield shopping centre at Stratford as well as extra tourism generated by the Diamond Jubilee and the Games have also helped London's economy pull strongly out of recession.

Economists said more than three quarters of the UK's 65,000 fall in unemployment during the quarter - to 2.58 million — happened in London, underlining the capital's importance as a national job creating powerhouse.

Source:standard.co.uk