The Olympics

The Olympics


News, information and stories about the Olympic Games.

Wednesday, 30 January 2008

The Twenty Year Debt

It seems that the less than popular £675M smash and grab raid on the National Lottery, to pay for the increased cost of the London 2012 Olympics, could take until 2031 to be repaid in full.

That's a very long time!

Andrew Travers, finance officer for the London Development Agency, told the London Assembly that while most of the extra Lottery cash would be clawed back from land sales at the Olympic Park 10 years after the Games, it could take another decade for the full amount to be realised.

His testimony is somewhat at odds with the "official" view as promulgated by the Olympics minister, Tessa Jowell. She was happily telling MPs, at the same time that Travers was testifying, that it would take up to 10 years to recoup the money.

So who is right, finance officer or politician?

Need you ask?

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