2012 Olympics

Trade and Industry written question – answered on 16th October 2006.

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Photo of Andrew Love Andrew Love Labour, Edmonton

To ask the Secretary of State for Trade and Industry what funding for the 2012 Olympic Games is being provided to the London Development Agency; and if he will make a statement.

Photo of Margaret Hodge Margaret Hodge Minister of State (Industry and the Regions)

The LDA is funding the 2012 Olympics activities for which it is responsible, through use of its normal block grant from the Government and capital borrowing using its local authority prudential borrowing powers.

Under the 2003 Memorandum of Understanding between the Government and the Mayor of London about the 2012 Olympic and Paralympic Games, the London Development Agency (LDA) is responsible for the assembly and remediation of the main Olympic site at Stratford and will provide a further contribution of £250 million towards the public sector funding package for the Olympics from 2008-09. The LDA will also fund a wide range of legacy activities to maximise the benefits of the games for London, including targeted skills development and business support.

The agency's corporate plan, available at www.lda.gov.uk, shows how the agency has allocated its funds for the years 2006-09, including on Olympic activities.

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