The British government is trying to drum up business, a day after figures showed the country's economy is in a deeper recession than previously thought.

On the eve of the start of the Olympic Games, the government has gathered around 4,000 business leaders and international policymakers in London as it attempts to clinch over 1 billion pounds worth of deals and projects this summer.

Prime Minister David Cameron is expected to urge the gathering Thursday to "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."

Figures Wednesday showed Britain's economy contracted by a quarterly rate of 0.7 percent in the second quarter of the year, the third straight quarterly decline.