£500m boost to economy is real prize for winning the Ashes

England winning the Ashes could boost the economy by half a billion pounds.

British businesses believe England's stars could trigger a spending spree on tickets, merchandise, food and drink by beating arch rivals Australia in the First Test, which starts in Cardiff today.

Economists predict that reclaiming the Ashes could create a "feelgood factor" leading to us spending up to £500million more over the summer.

Krishan Rama of the British Retail Consortium said: "England winning the Ashes would almost certainly increase sales of items from as expensive as flat-screen TVs to sports goods, food and drink.

"A good series combined with nice weather will have a tangible effect on the economy."

Dr Chris Gratton, Professor of Sport Economics at Sheffield Hallam University, said: "In 1997 we analysed the economic impact of one Ashes Test at Edgbaston - it was a sell-out and benefited the Birmingham economy by £2.2million. That was just one Test, 12 years ago and based on the local economy.

"But beyond that you have the unknown effect, the feelgood factor, and this can go up to a lot more, maybe half a billion. We saw this happen in 2005 although it was hard to quantify then."

Patriotic fans spent hundreds of millions of pounds on betting, merchandise and food and drink in 2005 when England dramatically beat Australia to win back the Ashes after 18 years.

And with the prospect of a more even contest this time around, bookmakers are predicting a record betting spree this summer.

Based on the initial surge of bets they have already received, bookmakers William Hill said they expect £120million to be put on the Ashes - a 20 per cent increase from 2005.

Rupert Adams of bookmaker William Hill said: "It will be as big as it gets. Yesterday we had a £12,000 bet for Australia to win the series. Our compilers are confident that England are the better side."

Tickets for the Second Test at Lord's and Fifth Test at the Oval are changing hands for up to £500 each, although this is also expected to increase should England win in Cardiff.

Ashley de Safrin of Business Link, the government-funded agency set up to advise London entrepreneurs, said: "An Ashes win would boost the economy simply from getting people feeling good. More of us will be going out and eating out."