2012 Olympics

Meeting: 
MQT on 2007-05-23
Session date: 
May 23, 2007
Reference: 
2007/1167
Question By: 
Bob Blackman
Organisation: 
GLA Conservatives
Asked Of: 
The Mayor

Question

Please can you confirm that your intention is to find the additional £300 million for the Olympic Budget from the anticipated profits from the sale of land in the Olympic Park?

Answer

Answer for 2012 Olympics

Answer for 2012 Olympics

Answered By: 
The Mayor

In the event it is necessary to draw on the contingency provision provided for in the revised budget announced by the Secretary of State for Culture, Media and Sport on 15 March, I have agreed to provide up to £300 million, without any further increase for London Council Tax payers or any increase in transport fares. It is not necessary to make any decision on the source of this funding at this point in time, but the anticipated profits from the sale of land in the Olympic Park is a potential source and the London Development Agency is currently leading detailed work on assessing the potential end values of land.