Question and Answer Session: London Legacy Development Corporation

Lord Hendy of Richmond Hill CBE (Chair, London Legacy Development Corporation):  Good morning, everybody.  The 2012 Games legacy project has been running for ten years.  In that time, London has produced the most successful legacy following any Olympic and Paralympic Games in the world, helping to cement London as a successful global city.  The regeneration project has enjoyed support from all three Mayors and has delivered a thriving new piece of city for London, and with more to come.  I will just hand over to Lyn to set out the headlines. 

Lyn Garner CBE (Chief Executive, London Legacy Development Corporation):  Thank you, Chair.  Over those ten years, LLDC has delivered an exemplary, free-to-access, 560‑acre urban park, winning the Green Flag quality status every year and welcoming 6 million visitors every year to Queen Elizabeth Olympic Park. 

LLDC has delivered an 80,000‑seat, multi‑use stadium that drives huge incomes for the London economy all year round.  In 2019, by way of example, in excess of £37 million for London and a further £9 million across the rest of the United Kingdom (UK).  We have outstanding sporting venues that provide local employment.  These are venues that are accessible to all.  One million people swim at the London Aquatic Centre every year.  Most are local people, including school children.  We have created two new business districts, one at
International Quarter London, an office hub, and a digital innovation hub at Here East. 

Thus far, tens of thousands of jobs across the Park and the immediate area, against a target of 40,000 by the mid‑2030s, and 11,000 new homes, a further 13,000 with planning permission, against a target of 33,000 by 2036.  A new arts, culture and education district for London with world‑renowned partners: two new universities, University College London and University of the Arts London, Sadler’s Wells, Victoria and Albert Museum, and the BBC.  This investment will drive a huge benefit to local people and to London as a whole for decades to come. 

We sponsor highly successful meanwhile uses ‑ for example, a Good Growth Hub and Build East, working in partnership with the local boroughs and Transport for London (TfL) to train and skill up local people, and the unique ABBA Arena ‑ which provide many local job opportunities, particularly to the London Borough of Newham, and recently hosted 300 schoolchildren to promote digital skills. 

In addition, this project is value for money.  In 2023, additional council tax and business rates growth in the Mayoral Development Corporation (MDC) area will reach over £100 million per annum, and will grow to over £200 million per annum by the mid‑2030s.  All of the capital investment over the next 20 to 30 years will be repaid.