I refer the hon. Member to my written statement to the House on 27 March 2007 in which I announced the revised Memorandum of Understanding (MOU) between the Government and the Mayor of London.
This MOU sets out how the land acquired for the London 2012 Olympic and Paralympic Games will be sold and the moneys realised. It puts in place arrangements for sharing the profits that are expected to be generated by the increase in land and property values in the Olympic Park as a result of the investment for the Games. Both the Government and the Mayor have stated their shared intention to abide by the terms of the MOU.
The Memorandum shows details of the amounts we expect to be recovered, from the sale of land acquired by the London Development Agency for the purposes of delivering the Olympic and Paralympic Games, and how these funds will be allocated between the London Development Agency and the National Lottery.
Copies of the Memorandum are available in the Library of the House.