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Olympic Games 2012

No, my Lords. I am emphasising that there is no cause for concern about the budgetary support for the Games and the ability of the Games to fall within the budget provision. Nor is there any cause for pessimism about the position of the Games in this recessionary period in relation to the local economy. The contracts are being handed out. Considerable progress is being made. To take the most obvious thing locally, there is a significant, multi-million pound investment in the area, which will guarantee one dimension of the legacy that will not be directly attributable to the Games but would never have occurred if that uplift in the east London economy were not occurring because of the Games. The Games are creating thousands of jobs, along with apprenticeships and training places, just at that time that we need them most. Significant numbers are coming from the locality, but that also reflects a significant investment injection into London. Westfield is investing £1.5 billion in the Stratford City retail-led development adjacent to the Olympic park. This is therefore a developing picture of considerable success in what the Games can represent for the local economy, as well as their greater significance for the wider economy. Of course, I have listened carefully to the issues raised about legacy, which are very important for the Games. I am grateful that the position that my noble friend Lady Ford holds gave her the opportunity to assure the House on those matters. There is not the slightest doubt that we are better placed to fulfil a legacy from the Games than any Games of recent years. The example of Barcelona has been quoted, quite rightly, because that is the best example of the past two or three decades, if not longer. London can easily surpass that legacy on the basis of the very careful preparations we are making, both in terms of the physical position and in terms of the legacy with regard to sport and the participation of our people. With regard to the physical legacy, I heard what the noble Lord, Lord St. John of Bletso, said. It is the case that we have not as yet identified who will take on the Olympic stadium. As he knows, the stadium will be reduced in size from its Games position of over 80,000 down to a capacity of 25,000. That rules out certain kinds of legacy. You will not get Premier League clubs interested in a stadium of that size. There are a whole range of possible legatees, however, who will be willing to sign a contract. We do not have great anxieties with regard to the facilities in those terms. We are of course taking care to make sure that the Olympic park and its surroundings provide one of the great legacies for the nation and for London in particular. I take on board all the criticisms that have been voiced today. We will look at those with the greatest degree of care. I would, however, like to make an obvious point that perhaps the noble Lord, Lord Coe, was too modest to make in his opening speech. When the International Olympic Committee’s co-ordinating commission visited London two months ago, it came to assess the progress that we have made. The commission’s chair, Denis Oswald, said that, ""the transformation that has taken place in the Lower Lea Valley is nothing short of astounding and this area will be a great legacy for the people of London and the UK"." That is a judgment three years before we mount the greatest sporting spectacle that the world anticipates every four years. We shall have every confidence that that is exactly what we are going to do.