The London Organising Committee of the Olympic Games and Paralympic Games has secured 12 private sector sponsors from each of the three tiers by value for London 2012. In addition, there are a further nine worldwide partners secured by the International Olympic Committee. LOCOG has raised about two thirds of the domestic sponsorship that it needs in order to stage the games, and it is worth recording that this is an unprecedented achievement at this stage. In spite of the challenging economic environment and the reported difficulties faced by Nortel, three new sponsors have been announced since last week: Adecco, Boston Consulting Group and Atkins.
I am grateful to the Minister for that response, and everyone wants the Olympics to be a great success, but what price success? What reassurance can the Minister give to the people of London, as well as to my constituents in Shropshire and people nationally, that tax will not rise and they will not have to face yet another tax bombshell because of a lack of planning by this Government—and, dare I say, maladministration—irrespective of whether the Government are using the credit crunch as an excuse?
I can tell the hon. Gentleman that the budget for the Olympics of £9.325 billion—for the construction, security and so forth—is the same now as it was when I announced it back in March 2007. As I am sure the hon. Gentleman’s Front-Bench colleagues will accept, they have unprecedented access to the figures and they are properly briefed—as, indeed, they should be. Delivering this project on budget and on time is a discipline that prevails every single day, which is why all the venues are on time and, apart from some of the current equity difficulties in the private sector, they are also on budget.
Further to that answer, can the Minister give more detail on how expenditure is being rescheduled and what that change in scheduling might be if there is any increased spending at this stage to deal with any shortfall in private money?
As the House has been told on many occasions, the baseline budget for constructing the park of £6.1 billion also has access to a contingency of £2 billion. The budget is subject to regular scrutiny not only by the Olympic Delivery Authority and the Olympic Executive, but by the funders’ group, and all the judgments are that the budget is adequate and will come in within contingency. Let me make a final point: we also recognise that this is a £6 billion shot in the arm for the UK economy, and we are making sure that the contractors deliver apprenticeships and provide young people with skills in order that they can not just get jobs in the Olympics, but have jobs for the rest of their lives.
Can the Minister confirm what led the Prime Minister when he was Chancellor in 2006 to believe that the private sector would want to contribute £100 million towards elite sport? Were any fundraising targets set at the time, and at what point will the Government admit that this money will not, in fact, be raised from the private sector?
My right hon. Friend the Secretary of State for Culture, Media and Sport and my hon. Friend the Minister with responsibility for sport have set out very clearly the programme whereby our elite athletes will, between the Beijing cycle just ended and London 2012 in three and a half years’ time, have access to more money for their training, development and equipment than they have ever had before. That is this Government delivering for the success of our elite athletes and the country.
Last Friday, there was an event at the Olympic park to celebrate the halfway point to London 2012 and the contribution made by many of the private sector partners mentioned by my Conservative colleagues, but, unfortunately, only Labour Members of Parliament were invited. Although I appreciated the call from the Minister on Friday, given the importance placed on cross-party working by the International Olympic Committee and, until this point, herself, why did that situation occur and will she assure us that it will never happen again?
I find the hon. Gentleman’s intervention on this matter, when there are so many other things to raise, very surprising. The Olympics will be a great national occasion, and it is right and proper that the Prime Minister be part of celebrating that. I invite the hon. Gentleman to endorse the announcement that we made last Friday of an increase in the number of apprenticeships in the Olympic park from 100 to 350, making the Olympics work for the people of this country, getting the country out of the downturn and, as I said, providing a shot in the arm to the UK economy, not only in London, but in the rest of the country. [Interruption.] Of course, cross-party working is important—one needs no reminder of that. Let me also make it clear that the Mayor of London was invited and, unfortunately, had to withdraw.