The Parliamentary Under-Secretary of State for Culture, Olympics, Media and Sport (Hugh Robertson)
I am publishing today the Government Olympic Executive’s quarterly report—“London 2012 Olympic and Paralympic Games Quarterly Report July 2010”. This report explains the latest budget position as at 30 June 2010, and outlines some of the many wider economic and social benefits to the UK.
As part of the Department’s contribution to reducing the overall national budget deficit, it was agreed that the Olympic Delivery Authority’s (ODA) budget would be reduced by £27 million. Therefore the overall funding package for the games now stands at £9.298 billion, instead of £9.325 billion as announced in March 2007.
The London 2012 Olympic and Paralympic games remain on time and within budget. The ODA’s anticipated final cost (AFC) has decreased by £6 million, which as of 30 June was £7.261 billion compared to £7.267 billion at the end of the previous quarter (31 March 2010). Savings have also been made in the quarter in areas including transport, logistics and landscaping.
The majority of contingency remains unreleased and the ODA continue to make strong progress in preparing the venues and infrastructure in the Olympic park, with over 70 per cent. of the programme to the 2012 games now completed. The Olympic stadium is structurally complete and work is ongoing on the field of play and installing the seats. The structures and roofs of the Aquatics Centre and Velodrome are complete and in place. The handball arena, basketball arena, international broadcast centre and main press centre have been erected. On the Olympic village, three-quarters of the floors in the blocks across the 11 residential plots as well as more than half of the bridges and underpasses are structurally complete. During the International Olympic Committee’s (IOC) visit in July to view the progress of London 2012, the IOC president said:
“The progress that has been made on the stadium, and in the Olympic park in general, is truly impressive and I congratulate the entire London 2012 team on their work”.
The London 2012 Olympic and Paralympic games are continuing to help businesses and people through the difficult economic times. More than 1,000 companies have won direct contracts from the ODA worth more than £5 billion and, as of June 2010, approximately 10,000 people were working on the Olympic park and village.
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 July 2010 are available at: www.culture.gov.uk and will be deposited in the Libraries of both Houses.