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Government Olympic Executive Quarterly Economic Report

I am publishing today the Government Olympic Executive's Quarterly Economic Report—"London 2012 Olympic and Paralympic Games Quarterly Economic Report November 2009". This report explains the latest budget position as at 30 September 2009, and outlines some of the many wider economic benefits to the UK. The London 2012 Olympic and Paralympic games remain on time and within budget. The overall £9.325 billion public sector funding package for the London 2012 games remains unchanged. Within this there has been some movement in the anticipated final cost (AFC) of the Olympic Delivery Authority (ODA) programme which, as of 30 September, was £7.241 billion compared to £7.234 billion at the end of the last quarter (30 June), against the maximum funding available of £8.1 billion. This is a consequence of the potential requirement for upgrading local facilities for games-time training venues and increases in cost pressures. Savings have also been made on areas including site preparations and logistics. The majority of contingency remains unreleased and the Olympic Delivery Authority (ODA) continues to make strong progress in preparing the venues and infrastructure in the Olympic park. The external structure of the main stadium is complete as is the roof structure of the aquatics centre. The London 2012 Olympic and Paralympic games are continuing to help businesses and people through the recession. More than 1,000 companies have won direct contracts from ODA worth more than £5 billion and, as of September 2009, a total of 7,270 people were working on the Olympic park and village. Ten per cent of these workers are undertaking a traineeship, apprenticeship or work placement. I would like to commend this report to the Members of both Houses and thank them for their continued interest in and support for the London 2012 games. Copies of the "Quarterly Economic Report November 2009" are available at: www.culture.gov.uk and will be deposited in the Libraries of both Houses.