Skip to main content

Olympic Games 2012: Economic Situation

Volume 486: debated on Tuesday 13 January 2009

To ask the Minister for the Olympics what assessment she has made of the effect of the current economic situation on the 2012 London Olympics. (245871)

The turmoil in global financial markets and the economic developments of recent months have affected the financing of the Olympic Village and International Broadcast Centre/Main Press Centre projects.

However, the venues and infrastructure for the London 2012 Olympic and Paralympic games, including the Olympic Village and the International Broadcasting Centre/Main Press Centre are still on track to be delivered within the £9.325 billion public sector funding package. In addition, the London Organising Committee of the Olympic Games and Paralympic Games has already secured over half the funding necessary to stage the games.

The substantial progress that has been made both in the delivery of the venues and infrastructure and in the raising of funds to support the staging of the games means that, while recognising the risks, we remain in a good position to manage delivery on time and on budget.