Olympic Games 2012: Finance

Olympics written question – answered at on 15 June 2009.

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Photo of Hugh Robertson Hugh Robertson Shadow Minister (Culture, Media and Sport)

To ask the Minister for the Olympics for what reasons the cost of the other Olympic Park venues has fallen from £446 million to £337 million in her May 2009 London 2012 Quarterly Economic Report compared with the previous report.

Photo of Tessa Jowell Tessa Jowell Minister of State (Regional Affairs) (London), Minister (Cabinet Office) (Also Minister for Olympics and Paymaster General)

The main reason for the reduction of £109 million is that £94 million, relating to the Velopark project budget, has been moved from the 'other Olympic Park Venues' grouping and reported as a separate item. Showing project budgets separately, once they are not commercially sensitive, is part of our commitment to transparent reporting of costs relating to the Olympic Programme.

The remainder of this reduction is the result of savings achieved on the programme through a combination of procurement, VAT and inflation savings.

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