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London celebrated victory after being awarded the opportunity to host the 2012 Olympic Games. London has held the Olympics twice before: in 1908 and 1948, both times filling in when the Olympic movement was short of candidates. London was not considered again until the 1980s for another bid attempt. Now that London has successfully won the bid after many failed attempts the planning has begun to make sure that London makes the best use of the opportunities offered to it.

The man in charge of London's Olympic bid, Lord Coe, has said that the games would show that "magic happens", and that "this is just the most fantastic opportunity to do everything we ever dreamed of in British sport." This prospect offers many benefits to London and the UK, which extend far further than a spectacular summer event in 2012.

The lasting legacy for future generations will include the regeneration of east London, cross-city transport improvements for London, increased training and job opportunities in the UK, as well as many opportunities for local businesses. With a legacy of national benefits in areas such as culture, sport and tourism, Prime Minister Tony Blair has commented that: 'holding the 2012 Games on home soil is a once-in-an-era opportunity for British tourism, the biggest visitor event in UK history.'

Statistics estimate that the UK inbound economy is forecast to benefit by almost £2 billion between 2008 and 2017 as result of the Olympic investment.

Locally, it is hoped that the Olympic Games will transform the economically deprived area of Newham, in east London, including Stratford and the Lower Lea River Valley. The Newham Council is proposing 9,000 new homes in the Olympic Park which will be complimented by improved healthcare and fanatastic educational facilities.

The five permanent Olympic venues will remain in the Olympic Park after the games have finished. The remaining facilities would be used not only for international sports but also by local community who will benefit from the athletic legacy, providing world-class facilities for training and sport. It is also proposed that two of the other venues will be designed so that they can be taken down and reassembled elsewhere in the UK after the games.

The council hopes that the games will provide "role models for [their] young people in what is the youngest community in Britain" and "radically improve the image of East London and its residents."

By raising the international profile of the UK as a destination for investment, business and for the pursuit of education local businesses will certainly be offered increased opportunities. Direct benefits include contracts for construction, catering, merchandise, and many others across the UK.

Previous holders of the Olympic Games, such as Sydney in 2000, demonstrate the benefits of large numbers of regional contracts.

Barcelona, Sydney, and most recently Athens, have all experienced pronounced surges in the number of tourists visiting.

However, it is possible to see the kinds of benefits that can be experienced a lot closer to home.

The Manchester 2002 Commonwealth Games provided a large number of valuable social impacts such as investment into improved infrastructure, £670 million of capital investment and a projected further £2 billion which is to be invested in the subsequent 15 years.

The jobs page of the London 2012 website provides links for many employment opportunities, and whilst many jobs at the games are obviously temporary, the regeneration of the East of London will have wide spread long term benefits.

Despite worries about the British ability to hold the games, the IOC has recently said that it was 'assured and impressed' about preparations after a visit to London. They are confident about the way in which the British propose to finalise their budget for the necessary facilities and regeneration. The benefits that will come from London hosting the 2012 games are obvious.

And all this for a price tag of £9 billion? It's cheap.