Despite the success and the transport and venue legacy of the Olympic Games, the ecomonic climate will likely override any impact on the meetings and event industry, according to a report by BSI.

BSI’s ‘Industry Eye: Leveraging the Legacy’ report, which was published today, says that economic factors such as the strength of the pound over the euro, short lead-in times and a corporate focus on reducing meetings and event costs will have a bigger impact on the industry than the Games themselves.

ExCeL London’s MD David Pegler, said: “Shorter lead times are a by-product of the recession so we live in a more immediate economy where things happen quickly. We can’t ignore the Eurozone crisis but people will be requiring meetings and London will be at the front of people’s minds as a result of what they see on TV, read and hear this summer.”

BSI’s head of MICE, Jim Quintrell agreed that the key driver behind the UK’s events industry will be the economy but believes that it will be ‘business as usual’ post-Olympics. 

He said: "I don’t see any drastic reductions in corporates’ 2013 budgets because of the sums being spent on Olympics-related activity. Nowadays companies only stage events when they need to. Companies will continue the best practices they have developed during the recession, although we predict that there will be a revival of enquiries from the public sector, coupled with more enquiries for larger events in 2013."

The report also found that the Games provided a ‘fresh impetus’ to corporates working from home, meaning this should in turn have a positive impact on face-to-face meetings for staff. 

In terms of transport, upgraded infrastructure will be key to London’s meeting and event legacy, but, BSI says, other factors, such as the lack of development at London City Airport, still need to be addressed.

While the Olympic Park area will be transformed into a new destination with numerous event spaces, London’s overall venue landscape will not be significantly impacted by the Games, the report said. Outside of East London, few new venues have been built, most either being expansions at existing sites or temporary venues. The report stated: "London still needs more large-scale event space to attract major international congresses."