Following the success of Euro '96, businesses in the capital are keen to reap the benefits of another football fan spending spree, according to the London Chamber of Commerce.

Football fans went on spending spree during Euro 96

Simon Sperryn, chief executive of the LCC, said: "As Euro '96 demonstrated, major events of this sort are not only great sporting occasions but also bring tremendous benefits to many parts of the country.

"As a result of Euro '96, 250,000 extra tourists visited Britain with a record 1.3 million people attending the matches."

The LCC estimated that companies profited by £70m, while the government gained tax revenue worth £64m during Euro '96.

Worldwide spending on official merchandise was worth £80m and an estimated £42m was generated in London, said the LCC.

And the 2006 World Cup is sure to be a bigger money spinner than Euro '96, because an additional 16 countries compete in the tournament, it pointed out.

The LCC is currently in talks with England 2006 over the role business should take in the campaign and is holding an event later this month to promote the campaign to its 3,500 members.

"Having the World Cup in England would bring massive benefits to business, especially the leisure and tourist industries," Mr Sperryn said.

"It would help inward investment, stimulating London's economy and many of those around the country and would be a magnificent advert for England around the world."