Oral question asked in the House of Lords, by Lord Bridges (Crossbench). It was answered on Tuesday, 17 April 2007.

Olympic Games 2012: VisitBritain

Question: My Lords, will the Minister consider an alternative way of financing the Olympics? It seems to me that to expect departments to fund this wholly exceptional event through the ordinary year-by-year budgetary procedures is very difficult. There is something to be said for issuing special gilt-edged stock to be repaid at a precise date in the future, which would be raised from the public in the usual way like other government stock. That would be a more appropriate way of meeting these very exceptional expenditures.

Answer: My Lords, the noble Lord will recognise that after some trial and tribulation the Government now have effective costing figures on the Olympics and which sector should pay. The departments have their role to play, but it is a reasonably limited role and it is within their compass. He will also recognise that other contributors, such as London and the lottery, will also play a significant part in the funding of the Games. The Question is about a specific departmental responsibility in relation to the tourist industry.

Secondary information

Type: Oral question
Reference: 691 c114
Session: 2006-07
Oral question type: Supplementary
Chamber / Committee: House of Lords chamber
Subjects: Finance Greater London Olympic Games Marketing Tourism VisitBritain
Link: View this Oral question on www.publications.parliament.uk