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Olympic Games 2012: Finance

Volume 467: debated on Thursday 22 November 2007

To ask the Minister for the Olympics what contribution (a) London council tax revenue and (b) Lottery funding will make to Olympics cost overruns. (165436)

Following a thorough review of costs, I announced a revised £9.325 billion funding package for the Games on 15 March 2007. The Government are confident that the Games will be delivered within this package, which includes a prudent contingency of £2.747 billion.

The council tax contribution to the £9.325 billion funding package remains at £625 million, as agreed in 2003. The Mayor of London will also make £300 million available over the lifetime of the Olympic programme; and has made clear that this will not be found from either an increase in council tax or transport fares.

The Lottery contribution to the overall £9.325 billion funding package is £2.175 billion, this includes: £750 million from the Olympic Lottery games, £340 million from the Sports Lottery distributors and £410 million from the National Lottery from 2009, all of which was included in the original Lottery funding package. A further £675 million is now being sought from the National Lottery from 2009. This sum, together with the £410 million, is subject to parliamentary approval.

To ask the Minister for the Olympics whether the Mayor of London's pledge to provide £10 million a year as a funder of last resort for Olympics legacy management is (a) a legally binding commitment and (b) sufficient to underwrite the legacy. (165487)

The Mayor of London's commitment to provide £10 million per annum of underwriting towards Olympic venues in legacy formed part of London's bid to host the Games. All venues are being designed with a viable legacy use in mind.

To ask the Minister for the Olympics what consideration is being given to using revenues from business rates to fund the Olympic legacy. (165488)

The Government announced a funding package for the Games on 15 March 2007. This does not include plans to use a business rate.