I am publishing today the Government Olympic Executive’s quarterly economic report—“London 2012 Olympic and Paralympic Games Quarterly Economic Report May 2010”. This report explains the latest budget position as at 31 March 2010, and outlines some of the many wider economic benefits to the UK.
The London 2012 Olympic and Paralympic games remain on time and within budget. The Olympic Delivery Authority’s (ODA) anticipated final cost (AFC) has again not significantly increased which, as of 31 March, was £7.267 billion compared to £7.262 billion at the end of the previous quarter, 31 December 2009. Savings have also been made in the quarter in areas including transport, logistics and landscaping.
The majority of contingency remains unreleased and the ODA continues to make strong progress in preparing the venues and infrastructure in the Olympic park, with over 65 per cent. of the venues and infrastructure programme to the 2012 games now completed. The main stadium has reached its full height with the recent addition of 14 floodlight gantries. The roof structures of the aquatics centre and velodrome are constructed, as are the pools in the aquatics centre.
The London 2012 Olympic and Paralympic games are continuing to help businesses and people through the recession. More than 1,000 companies have won direct contracts from the ODA worth more than £5 billion and, as of March 2010, a total of almost 10,000 people were working on the Olympic park and village. Twelve per cent. of these workers were previously unemployed before starting work on the Olympic park.
I would like to commend this report to the Members of both Houses and thank them for their continued interest in and support for the London 2012 games.
Copies of the “Quarterly Economic Report May 2010” are available at: www.culture.gov.uk and will be deposited in the Libraries of both Houses.