£300 million increase in Olympic cost to Londoners

Meeting: 
MQT on 2007-05-23
Session date: 
May 23, 2007
Reference: 
2007/1233
Question By: 
Damian Hockney
Organisation: 
One London Party
Asked Of: 
The Mayor

Question

In her statement to Parliament in March, Tessa Jowell said: "Without any further increase for London council tax payers beyond that already committed, or any increase in transport fares to fund the Olympics, the Mayor will over the lifetime of the Olympic programme be making a further £300 million available to help meet Olympic costs." Please can the Mayor explain where this £300 million will come from, which is in addition to the £625 million he has already committed London council taxpayers to pay?

Answer

Answer for £300 million increase in Olympic cost to Londoners

Answer for £300 million increase in Olympic cost to Londoners

Answered By: 
The Mayor

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.