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Olympics and Paralympics (Funding)

I am grateful for the opportunity to contribute to this important debate on the Olympics estimates. It is always a pleasure to follow my hon. Friend the Member for Corby (Louise Mensch). I read her contribution to the Select Committee debate—it provided interesting research material for today's debate, which has been interesting so far. I congratulate the previous Government not only on securing the 2012 Olympic and Paralympic games but on setting a realistic estimated budget for the delivery of the games. Their announcement, in March 2007, of an increase from the initial estimate of £2.3 billion at the time of the bid to £9.3 billion attracted unwelcome and negative comment at the time, but, as my hon. Friend the Member for Maldon (Mr Whittingdale) said, it is probably much better to announce a large increase in one go than to announce incremental increases over time, and we welcome the fact that they did so. However, even with the cost savings announced in May 2010 and the recent increase in the security allocation, the estimated budget looks about right. That is important, because previous games have ended up two or three times over budget and in these times of financial constraint it is essential that British taxpayers do not feel that they have overfunded a sporting event. What is clear—this is why it is important that we welcome the realistic setting of the funding package—is that, although we must not overspend on what is essentially a sporting event, we must not underfund it either. The Olympics are not just any old sporting event; they are the world's greatest sporting event. More than 200 nations will compete in some form of Olympic game and the event will be watched by a global audience of billions. The 2008 Beijing Olympic games had as estimated global audience of 4.7 billion, which was significantly higher than the 3.9 billion achieved in Athens in 2004. I see no reason why London 2012 will not achieve something around the 4 billion mark, so the world will literally be watching our ability to stage the games. It is therefore essential that we do not fail. Much of the viewing total will be clocked up at the opening ceremony. With 80,000 spectators and 130 heads of state expected to be in the stadium, more than 1 billion people are expected to watch the ceremony on television. Again, an important balancing act must be achieved between providing good value for money for the British taxpayer funding the ceremonies and showcasing the country to the world. The Secretary of State is right that this is a once-in-a-lifetime opportunity. I think that everyone acknowledges that our ceremonies will not be as extravagant or expensive as those in Beijing, but we must grasp the opportunity while we have it, because if it succeeds the taxpayer will benefit, but if we fail not only will it be a financial disaster, but it will be the Government who get the blame.