Oral question asked in the House of Lords, by Lord James of Blackheath (Conservative). It was answered on Monday, 8 October 2007.

Millennium Dome

Question: My Lords, I thank the Minister for that Answer. My understanding was that the original value of the land was £450 million, which is less than the value that the noble Baroness has just indicated would be created over time. Will she indicate how the annual return to the taxpayer will perform during that time? What will be the effective annual rate of interest on the outstanding balance, or reducing balance, of £450 million standing in the interest of the taxpayer, which is otherwise lost to the use of the community?

Answer: My Lords, as I do not have that sort of detail in my very extensive briefing, I will write to the noble Lord. In terms of the value to the taxpayer and the regeneration of the peninsula—I pay tribute to the noble Lord for the sterling work that he did on winding up the NMEC and making such a success of it—we are looking to a major regeneration project. It will generate £4 billion of private investment, 10,000 homes, 24,000 jobs, commercial floor space, schools and health centres. It is a magnificent prospect for the Greenwich peninsula, which is one of the most deprived parts of London.

Secondary information

Type: Oral question
Reference: 695 c10
Session: 2006-07
Oral question type: 1st Supplementary
Chamber / Committee: House of Lords chamber
Related items: Deposited Paper DEP 07/2156
Tuesday, 23 October 2007
Deposited papers
House of Lords
House of Commons
Subjects: Income English Partnerships National Lottery Sales Regeneration Millennium dome
Contains statistics: Yes
Link: View this Oral question on www.publications.parliament.uk