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News Desk An online poll by The London Daily News has shown 76% of those responding said that the Olympics have not benefitted London. Despite the record haul of medals by Team GB, retailers across the capital have recorded some of the lowest sales figures for August. Economic indicators are showing the UK could be heading for a triple dip recession with the UK stagnating. The Governor of the Bank of England Mervyn King underlined the perilous state of the UK economy and showed there was no "Olympic bounce". In a statement today he said “we have not cut Bank Rate [from record low of 0.5pc] because it would be counter-productive and hurt building society sector. But a quarter-point change of Bank Rate is not going to be the difference between recovery and non-recovery." Taxi cab drivers have described the roads as "ghost towns" but Visa has recorded an 8% year-on-year rise in the UK during the first week of the Olympics, with total spending hitting £456.9 million. According to Visa, restaurants have seen an increase of 19.6% to £12.7 million against £10.6 million a year ago. Theatre owner Andrew Lloyd Webber has said sales for shows in the West End have gone up by 25% during the Olympics, contradicting earlier fears that theatre sales would be a "bloodbath" during the summer. Links: London Daily News poll Bank of England inflation reports:
IMF Report on the UK economy
photo credit: TLDN copyright
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