AS the Commonwealth Games progress in Glasgow, the sports industry continues to generate billions of pounds for the UK economy.

Prime Minister David Cameron said in 2012 that the London Olympic Games would be worth some £13bn to businesses in the decade that followed them.

It’s not easy to put a single figure on sport’s value to the UK, but it contributes approximately £6bn to the Treasury each year.

In England alone, sport made a gross economic contribution of £20.3bn in 2010, according to the Sport and Recreation Alliance.

This made it more valuable to the economy than insurance, accounting, telecoms and the sale and repair of motor vehicles.

It employed 400,000 workers.

Meanwhile, the average household spent £6.70 a week on admission, class fees and equipment hire.

Let’s turn our attention to individual sports.

During the 2011-2012 football season, Premier League clubs made £2.36bn in revenue; they contributed £1.3bn to the public purse in tax.

In Formula One in 2011, VAT on ticket sales of the British Grand Prix raised £14m for the Treasury, while Wimbledon brought in another £4m.

Cycling is said to bring in £2.9bn to the UK economy, or £238 per cyclist per year.

While the economic importance of sport is undeniable, perhaps its most valuable contribution to society at large is the way it makes people feel better.

Quite apart from the short-term burst of endorphins released into the bloodstream after a bout of exercise, sport makes us fitter and healthier – both physically and mentally.

Exercise in general can reduce the likelihood of major illnesses whatever your age, such as heart disease, strokes, diabetes and cancer by up to 50 per cent, according to the NHS.

It can even lower the risk of early death by almost a third.

The NHS also states medical research proves that regular physical activity can boost self-esteem, improve our moods, mental outlook and sleep quality, as well as alleviating stress, depression, dementia and Alzheimer’s.

In short, sport and exercise saves the NHS money.

It also reduces absenteeism in the workplace.

Regular cyclists, for example, take one sick-day less per year, which saves the economy £128m annually.

Then, of course, there’s the tremendous contribution sport makes to charity by the people who take on personal challenges to help raise funds.

Several members of the team here at Brewin Dolphin have just completed the Race Life at Gosforth Park Race Course, raising a staggering amount for Cancer Research.

Sport can also bring communities together.

In fact, there’s not much that sport doesn’t improve.

As Sallie Barker, interim chief executive of the Sport and Recreation Alliance, says: “Regularly taking part in sport and activity in our local communities, leisure centers and sports clubs, fosters social cohesion and makes us all happier, healthier and wealthier.”

With this in mind, as well as the inspirational scenes in Glasgow and the recent bout of glorious weather being enjoyed up and down the country, I’m determined to get fitter and increase HMRC revenue further … “starting Monday.”

Gary Welford is an assistant investment manager at Brewin Dolphin. The opinions expressed in this article are not necessarily the views held throughout Brewin Dolphin Ltd. No director, representative or employee of Brewin Dolphon Ltd accepts liability for any direct or consequential loss arising from the use of this document or its contents. Any tax allowances or thresholds mentioned are based on personal circumstances and current legislation, which is subject to change.