I am publishing today the Government Olympic Executive’s quarterly report—“London 2012 Olympic and Paralympic Games Quarterly Report November 2010”. This report explains the latest budget position as at 30 September 2010, and outlines some of the many wider economic and social benefits to the UK.
The overall public sector funding package for the games will remain at £9.298 billion following the spending review announcement on 20 October 2010. The funding package will, however, be reconfigured from April 2011 to make provisions for operational requirements, reflecting the changing focus of the programme from construction to operational delivery. Also from April 2011, Government funding for the programme—excluding security which sits with the Home Office and other Government Departments—will be held by the Department for Culture, Media and Sport.
The London 2012 Olympic and Paralympic games remain on time and within budget. The Olympic Delivery Authority’s (ODA) anticipated final cost has reduced by £29 million to £7.232 billion as of 30 September 2010. The majority of contingency remains unreleased and savings have also been made in the quarter through project and procurement efficiencies. The ODA continues to make strong progress in preparing the venues and infrastructure in the Olympic park, with over 75% of the programme to the 2012 games now completed. The Olympic stadium is structurally complete with the cable net roof covered and all 14 lighting towers in place. The aquatics centre permanent structure and roof are in place, while the velodrome remains on target to be the first Olympic park sporting venue to be finished early in 2011. The structures of the handball and basketball arenas are now completed. More than three-quarters of the residential plots on the Olympic village are structurally finished, with the structure of the Chobham academy education campus also nearing completion. At the Lee Valley White Water Centre, the 10,000 square metre lake is full and water is flowing through the courses, with internal fit-out works of the two-storey facility building approaching completion.
The London 2012 Olympic and Paralympic games are continuing to help businesses and people through the difficult economic times. Already, £5 billion worth of contracts have been awarded by the ODA, with 98% of the ODA’s suppliers being British companies, and many more winning work in the supply chains of its contractors. As of September 2010, over 10,000 people were working on the Olympic park and village.
The Olympic Park Legacy Company has announced that in legacy the Olympic park will be called “Queen Elizabeth Olympic Park”. It has set out new plans to help deliver family-focused neighbourhoods; to make the park a top visitor destination; to ensure the venues provide a lasting sporting legacy; to create commercial and job opportunities; and to help stitch together the area’s communities through new road connections.
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 report November 2010 are available online at: www.culture.gov.uk and will be deposited in the Libraries of both Houses.