PM Says Olympics Not "Expensive Luxury"; Olympics Chief Hails U.K. Construction

British Prime Minister David Cameron says London 2012 will provide a $20 billion boost to the economy over the next four years.

"We shouldn't see them as an expensive luxury in tough times - it is precisely because times are tough that we have got to get everything we can out of them to support jobs and growth in the economy," he said Thursday.

"I am confident that we can derive over £13 billion [$20 billion] benefit to the U.K. economy over the next four years as a result of hosting the Games. I am certain that when you add in the benefits from construction the total gain will be even greater."

In his speech in the east Midlands, he said the country would stage an "outstanding" Olympics.

"It is our moment, we must make the most of it, and I believe we will."

"I’ll cheer Team GB on all the way and I know the whole country will too," he added.

The British PM warned Londoners that the city's transport network would struggle to cope with additional visitors for the Games.

"However well prepared we are, some things will come as a surprise. For example, the crowds and strain on our transport system, for which we will all have to make allowances," he said.

Cameron also applauded LOCOG and the Olympic Delivery Authority for delivering a "stunning" Olympic Park in east London, a site he said was "a great showcase for British design, engineering and project management."

Report Published by Olympic Park Chief

John Armitt, chairman of the Olympic Delivery Authority, said the Olympic Park construction was "a superb advertisement for U.K. plc" in a report published by the government Thursday.

"Businesses from all over the U.K. shared with me their experiences working on London 2012. Their story was one of achievement, new and better ways of working, innovation and optimism about the future," Armitt said.

"They reported real successes in winning fresh work thanks to being involved in our Olympic and Paralympic Games – and confidence that there is plenty more is to come.

"My report is designed to help Government and businesses take the crucial next steps to ensure that working on London 2012 is the start, not the end, of this success story."

The report was compiled after consulting with over 250 businesses who worked on the Olympic Park.

Among the findings were: more than two thirds of businesses said the London 2012 work had enhanced their reputation; around three quarters anticipated future work at home and abroad as a result of London 2012; more than 40 per cent said they were in a stronger position to win work on other sports projects.

In his report, Armitt laid out a series of recommendations including that that the government should adopt the principles of the procurement and program management approach used by the ODA.

He also urged Cameron's administration to take urgent action to ensure that marketing restrictions applying to London 2012 suppliers were relaxed soon after the Games.

Team GB Basketball Squad Unveiled

Luol Deng of the Chicago Bulls, is the most high-profile name on Team GB’s basketball squad, which was announced today.

It's only the second time that Team GB will compete in basketball at the Olympics - the first time since the Games were last hosted by London in 1948.

"The progress that the men’s basketball squad has made since London was awarded the Olympics in 2005 is quite remarkable," said Team GB chef de mission Andy Hunt.

British Basketball was formed in 2007. The British team qualified for EuroBasket for the first time in 2009, and at the 2011 event they secured their first wins at the tournament by defeating Poland and Portugal.

"British Basketball has worked hard to prepare a squad that is capable of producing credible and competitive performances for Team GB against the very best nations in the world at the Olympic Games.

"The home support at the Basketball arena in the Olympic Park will create the kind of atmosphere that will get the best out of our athletes."

The announcement of squad brings the total number of athletes selected to compete for Team GB at London 2012 to 538 across all 26 sports.

Torch Relay Update

Seoul 1988 swimming gold medalist Adrian Moorhouse is the star name on today's roster of torchbearers taking the Olympic flame from Norwich to Ipswich.

The first torchbearer of the day was Paralympian Giles Long who has won 20 major championship medals including Paralympic, European, and world championship golds.

On day 48 of the relay, the torch traveled 120 miles through 17 communities.

Reported by Mark Bisson

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