Euro 2020: England's final run delivers £90m boost to UK economy

·Senior City Correspondent, Yahoo Finance UK
·2 min read
Harry Maguire and Harry Kane celebrate England's victory in their semi-final match against Denmark at Wembley on Wednesday
Harry Maguire and Harry Kane celebrate England's victory in their semi-final match against Denmark at Wembley on Wednesday. Photo: Eddie Keogh/The FA via Getty Images

England's dream run to the Euro 2020 finals is set to deliver a £90m boost to Britain's economy, according to experts.

England booked their place in the final on Wednesday night after a tense 2-1 victory over Denmark. The Three Lions will play Italy in the final at Wembley on Sunday evening.

Economists at Deutsche Bank estimated this week that England's progress in the UEFA competition would deliver a multi-million-pound boost for Britain through spending on accommodation, at bars and restaurants, and on takeaways.

"With both the semi-finals and final being held in London, the city will be alight with activity," analysts Sanjay Raja, Shreyas Gopal, and Panos Giannopoulos wrote in an investment note sent to clients.

"Combined with the emotional lift of football potentially coming home, the economic and social lift to the country won't be trivial."

The economists believe match-day visitors will spend roughly £40m on accommodation in London for the Wembley fixtures, while fans will splash out £9m on food and drink on match days. The Euros are likely to add a further "indirect" boost to the economy through additional spending in shops from people who are out and about on match days.

In total, Deutsche Bank thinks the Euros will deliver a £90m boost to the UK's economy. The impact is much smaller than past football tournaments that were held solely in one country where spending bumps were estimated in the billions, but Deutsche Bank said it shouldn't be underestimated.

"While the economic impact of Euro 2020 may be more modest, the bigger impact will likely come on the intangible side (i.e. social capital), should England's success continue," analysts wrote.

Chancellor Rishi Sunak said he was "over the moon" at England's progress but downplayed the economic impact of the tournament.

"I know everyone keeps asking, oh, is it good for the economy?" Sunak told ITV's Good Morning Britain programme on Thursday. "Of course I care about the economy and it's important, but I'll take the win over any increase in economic output over the weekend any day."

Watch: England fans celebrate semi-final win against Denmark