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Olympic Games 2012: Greater London

Volume 488: debated on Wednesday 25 February 2009

To ask the Minister for the Olympics what recent estimate her Office has made of the net financial effect on (a) London and (b) each London borough of the London 2012 Olympic Games, broken down by borough; and if she will make a statement. (257276)

The financial and economic benefits of the London 2012 Olympic and Paralympic games are already evident. Over 3,300 people are currently working for contractors on the Olympic Park. Over 800 businesses have already won over £3.5 billion of work supplying the Olympic Delivery Authority.

The 2012 games will continue to play an active role in meeting the challenges of the current economic environment by:

Creating up to 75,000 supply chain opportunities—there will be opportunities for businesses across the country to get involved;

Creating employment—with up to 11,000 people working on site at the peak and 100,000 contract jobs to stage the games;

Opening up skills and employment opportunities for most, if not all, sectors, extending well beyond the Olympic Park and London;

Delivering a total of 350 construction apprenticeships at the Olympic Park site.

In the longer term, London 2012 will deliver economic benefits to East London and bring wider benefits across the UK, including:

Long-term job creation, with up to 50,000 new permanent jobs created in the Olympic Park and surrounding area after the games;

Through public and private investment, 10,000 - 12,000 new mixed-tenure homes in the Olympic Park site, 35 per cent. of which will be affordable housing, and over 5,000 new homes in the Olympic Village and Stratford City development;

Creating opportunities for tourism, media, sport and many other sectors; for example, the value of the games to UK tourism is estimated to be £2.1 billion between 2007 and 2017;

Increasing the potential for inward investment and export, including through the use of local facilities as training camps.

The Mayor of London is responsible for maximising the impact of the 2012 games on London. The London Development Agency (LDA) is commissioning a study to evaluate the impacts, outcomes, benefits and additionality of investment in LDA 2012 games legacy programmes.