BRITAIN is open for business, David Cameron and George Osborne said yesterday as they made the biggest-ever pitch for international investment on the back of the 2012 Games.

Kicking off 17 trade conferences at the Global Investment Summit, the Prime Minister and Chancellor urged the world's top business leaders to put their money into the UK.

"Invest in Britain, partner with Britain, not just to invest in this country but because this is the place, the hub, from which your company can grow and expand. So make this Olympic year a great year for your business, here in Great Britain," Mr Cameron said.

The UK Government is hopeful more than £1 billion-worth of deals can be generated this summer as a result of the Olympics.

Later, Mr Osborne told the summit that the Olympics were a "showcase of Britain at its best".

He said: "Britain is open for business. Indeed, we assert that there is no major western economy that is more open, more welcoming of foreign investment, less protectionist and more pro-free trade than the United Kingdom."