Good feeling: what England ‘s victory could mean for the economy Economic growth (GDP)

On Saturday, July 30, 1966, then-Prime Minister Harold Wilson sat in the Royal Box of Wembley to watch English plays West Germany.

If there ever was a moment for a sporting victory that created an economic feel, it was when Geoff Hurst ran in the final seconds to achieve an 4-2 victory for England.

It never happened. Consumer behavior over the next few months was not determined by success at Wembley, but by the savings program that Wilson had announced 10 days earlier.

For football fans, July 1966 is forever associated with the World Cup; for political junkies, it was a month of measures in July: spending cuts and tax increases designed to ease pressure on the pound. Over the next 15 months, a grim and eventually doomed battle was fought to prevent the devaluation of the pounds.

Turn the clock forward 46 years to the 4th of August 2012 London Olympics. Within 44 minutes Britain won three gold medals Mo Farah in the 10,000 meters, Jessica Ennis-Hill in the Seven and Greg Rutherford in the polite long jump.

Yet, if the nation saw Super Saturday as an excuse to spend more freely, official figures were hard to tell. In the fourth quarter of 2012, the economy contracted by 0.3%. Government report that game hosting has increased trade and investment by 2010 10 billion The Association of Small Businesses destroyed that the expected spinoff agreements had not materialized.

Some economists think it might be different this time around. According to the Bank of England, consumers have built € 200 billion in cash due to a lack of spending opportunities caused by restrictions over the last 16 months. Supermarkets store beer, champagne and banquets for English matches against Italy, and a profit could well lead to a modest increase in consumer spending.

Economist Julian Jessop said the effects of football would be much less significant for everything else in the economy, especially Removal of Covid restrictions.

I love to say win Euro 2020 adds to the UK economy, or at least a bit of English, but it doesn’t change any fundamentals, he said

The Jessops view fits the evidence. The economy was not gaining momentum when England reached the semi-finals of the World Cup in 1990 as household budgets were squeezed at an interest rate of 15 per cent. While Gazza shed tears In Turin, a record number of people repatriated and unemployment was towards 3 million.