Relocation of Businesses in the Lower Lea Valley

Meeting: 
MQT on 2004-11-17
Session date: 
November 17, 2004
Reference: 
2004/1546
Question By: 
Angie Bray
Organisation: 
GLA Conservatives
Asked Of: 
The Mayor

Question

In the IPPR/Demos report into the impact of the London 2012 Olympics it was stated 'In the past flagship regeneration projects have tended to prioritise change as good in itself, with development in the area taking place rather than development of the area'. Are you not concerned that many local employers in the Lower Lea Valley will need to be moved on to make way for the Olympics? What guarantees are in place that these companies will not simply cease trading and therefore adversely affect local employment rates?

Answer

Answer for Relocation of Businesses in the Lower Lea Valley

Answer for Relocation of Businesses in the Lower Lea Valley

Answered By: 
The Mayor

The LDA is committed to helping ensure that all businesses within the Olympic Zone are relocated successfully to allow them to continue to thrive and make a contribution to London's economy. Every business has now received an initial relocation proposal and where appropriate an indication of the level of compensation they would be entitled to. In addition, the LDA has undertaken to meet the costs of independent advisors for each business to assist them in the relocation process. The LDA is also funding a helpline through the RICS to ensure that businesses can access independent advice and assistance. The Olympic Games is anticipated to generate thousands of new jobs which will be accessible to local people.