The Government welcomes the Culture, Media and Sport Select Committee’s detailed and comprehensive report on preparations for the London 2012 Olympic Games and Paralympic Games.
The 2012 Games offer both the chance to host the world’s greatest sporting event on UK soil and an unrivalled opportunity to catalyse the most ambitious regeneration programme in recent history, leaving a lasting legacy for London, as well as creating economic, social, health, environmental and sporting benefits across the UK. We welcome the Committee’s recognition of the progress that has already been made on the project and its conviction that “London can and will host a Games as good as any ever seen before”.
The Committee placed strong emphasis in its report on the importance of finalising the budget for the Games. As the Committee will know, the Government announced on 15 March 2007 a budget for the Olympic Delivery Authority (ODA) up to 2012 of £5.3 billion, comprising £3.1 billion for the core costs of the Games; £1.7 billion for infrastructure and regeneration spending in the Lower Lea Valley; and a £500 million programme contingency. The ODA will pay VAT but the costs of this – around £840m – will be covered in full by the Government. In addition, non-ODA costs and other funding provision was set out, comprising £390 million for sport, the Paralympic Games and other costs; £600 million for wider security costs; and a further £2.2 billion set aside as a potential additional programme contingency held by Government.
Additional investment, on top of the original public sector funding package of £2.375 billion and the Government contribution of £1 billion to regeneration, will consist of £5 billion from central Government, with a further £675 million from the Lottery and £300 million from the Mayor of London.
Editor's comments - [ This is the Government’s detailed response to the Select Committee’s recommendations on the preparations for the London 2012 Olympic Games and Paralympic Games  ] Reference this?Cryer, J. (Year). This page title in italics. Retrieved date, from <this page's full URL>
In the text: Cryer (year)
Reference : DCMS. (2007). Government Response to the Culture, Media and Sport Select Committee Report on ‘London 2012 Olympic Games and Paralympic Games: Funding and Legacy’. London: TSO
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