Excel Phase II forecast to bring £1.6bn to capital

Economic study results announced as Mayor lays foundation stone

Excel London's Phase II development is being forecast to bring some £1.6bn to the capital by 2011.

The prediction - the result of an independent study by Grant Thornton - came as Mayor of London Boris Johnson yesterday signalled the commencement of building work by laying a commemorative foundation stone.

The plans will increase the venue's event space by 50% and includes a 5,000-seat convention centre.

"The creation of Excel London has played a major role in regenerating east London by attracting new businesses and bringing thousands of jobs to the area," Johnson said. "Its expansion is just another example of how the 2012 Games are acting as a catalyst for change to leave a lasting legacy and transform this area of the capital."

Excel London chief executive Kevin Murphy added: "This development will help secure London's position as the events capital of the world, through into 2012 and far beyond. We look forward to inviting the Mayor back in 2010 for our official opening."

As well as attracting international conventions and corporate events, Excel London will also host seven Olympic and five Paralympic events in 2012.

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