The Olympics

The Olympics


News, information and stories about the Olympic Games.

Wednesday, 27 June 2007

Jowell To Explain Herself

Tessa Jowell, the Olympics Minister, will explain today how the government will repay the £675M that it has taken from the national lottery to cover the ever spiralling costs of the London 2012 Olympics.

A memorandum of understanding between Jowell and Ken Livingstone, the mayor of London, will explain how the money is to be clawed back from land sales from the Olympic Park at Stratford.

Under the terms of the memorandum, which will be deposited in the library of the House of Commons, Jowell and Livingstone explain that the £675m will start to be repaid after 2012; once the London Development Agency has recovered the £650M it has spent on acquiring the Olympic Park site.

There is no mention about paying interest on the money.

A week is a long time in politics, 5 years is an eternity. It is therefore highly likely that the government will renege on this agreement before then.

The national lottery will never see that money again.

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