Menu
22/01/2009
More Funding For Olympic Village And Media Centres
Further funding from the £9.3 billion London 2012 Olympic budget has been allocated to support the building of the Olympic Village and media centres, the Government has announced.
The Games' overall £9.3 billion budget remains unchanged and the contingency remains sufficient to cover the remaining risks to the project.
A total of £394 million was agreed today from the Olympic Funders Group contingency, the part of the budget designed to guard against risks outside the control of the Olympic Delivery Authority (ODA). Separately, £67 million has been released from the ODA's programme contingency.
The use of part of the contingency funds contained in the budget - an additional £326 million towards the Olympic Village and £135 million towards the International Broadcast and Main Press Centres (IBC/MPC) - is needed to meet a shortfall in private sector funding as a result of the global economic downturn.
Olympics Minister Tessa Jowell said: "The Village and media centres are absolutely essential to a successful London Games with a real lasting legacy. With private sector funding now much more difficult to secure because of the global economic downturn, it is right that we take steps to safeguard these projects.
"The extra funds we have allocated today come from existing contingency funds within the overall £9.3 billion budget. Lower than anticipated construction inflation and good progress across the project has reduced risks, meaning that the overall budget is unchanged and enough contingency funds remain. We are determined to deliver the games within budget."
The £326 million extra funding for the Olympic Village includes the £95 million announced last year and will allow works to continue whilst the ODA continues to negotiate with private developer Lend Lease, and the banks, regarding private investment for the Olympic Village.
Negotiations are also continuing with Registered Social Landlords (RSLs) in relation to the provision of affordable housing which also contributes to the funding of the overall project.
The Village will house up to 17,000 athletes during the Olympics and over 6,000 during the Paralympics. After the games about one third of the apartments will be available as affordable housing.
(JM/BMcC)
The Games' overall £9.3 billion budget remains unchanged and the contingency remains sufficient to cover the remaining risks to the project.
A total of £394 million was agreed today from the Olympic Funders Group contingency, the part of the budget designed to guard against risks outside the control of the Olympic Delivery Authority (ODA). Separately, £67 million has been released from the ODA's programme contingency.
The use of part of the contingency funds contained in the budget - an additional £326 million towards the Olympic Village and £135 million towards the International Broadcast and Main Press Centres (IBC/MPC) - is needed to meet a shortfall in private sector funding as a result of the global economic downturn.
Olympics Minister Tessa Jowell said: "The Village and media centres are absolutely essential to a successful London Games with a real lasting legacy. With private sector funding now much more difficult to secure because of the global economic downturn, it is right that we take steps to safeguard these projects.
"The extra funds we have allocated today come from existing contingency funds within the overall £9.3 billion budget. Lower than anticipated construction inflation and good progress across the project has reduced risks, meaning that the overall budget is unchanged and enough contingency funds remain. We are determined to deliver the games within budget."
The £326 million extra funding for the Olympic Village includes the £95 million announced last year and will allow works to continue whilst the ODA continues to negotiate with private developer Lend Lease, and the banks, regarding private investment for the Olympic Village.
Negotiations are also continuing with Registered Social Landlords (RSLs) in relation to the provision of affordable housing which also contributes to the funding of the overall project.
The Village will house up to 17,000 athletes during the Olympics and over 6,000 during the Paralympics. After the games about one third of the apartments will be available as affordable housing.
(JM/BMcC)
Related UK National News Stories
Click here for the latest headlines.
18 May 2011
First Olympic Torch Relay Locations Announced
From Lands End to London via all the nations and regions of the UK, the first locations on the London 2012 Olympic Torch Relay route have been announced.
First Olympic Torch Relay Locations Announced
From Lands End to London via all the nations and regions of the UK, the first locations on the London 2012 Olympic Torch Relay route have been announced.
04 November 2008
Crossrail Boost As BAA Agree £230m Funding
Crossrail took a significant step forward today thanks to the agreement of a £230 million funding package from BAA, Transport Minister Andrew Adonis and BAA's Strategy Director Mike Forster have announced. In return, Crossrail will guarantee a fast train service four times an hour for the majority of the day.
Crossrail Boost As BAA Agree £230m Funding
Crossrail took a significant step forward today thanks to the agreement of a £230 million funding package from BAA, Transport Minister Andrew Adonis and BAA's Strategy Director Mike Forster have announced. In return, Crossrail will guarantee a fast train service four times an hour for the majority of the day.
08 May 2008
'On Your Marks, Get Set, Go' For Olympic Stadium
Work on London's Olympic stadium is set to commence in two weeks, it is reported. The stadium which has a budget of £496 million and which will seat 80,000 people will be the centrepiece for the 2012 Games.
'On Your Marks, Get Set, Go' For Olympic Stadium
Work on London's Olympic stadium is set to commence in two weeks, it is reported. The stadium which has a budget of £496 million and which will seat 80,000 people will be the centrepiece for the 2012 Games.
30 October 2015
Monitor Launches Investigation Into Trust's £12.6m Deficit
Health sector regulator Monitor has opened an investigation at Doncaster and Bassetlaw Hospitals over its financial deficit of £12.6 million. The organisation is concerned that the trust may record a large loss for 2015/16 rather than the £2.2m surplus it had previously predicted.
Monitor Launches Investigation Into Trust's £12.6m Deficit
Health sector regulator Monitor has opened an investigation at Doncaster and Bassetlaw Hospitals over its financial deficit of £12.6 million. The organisation is concerned that the trust may record a large loss for 2015/16 rather than the £2.2m surplus it had previously predicted.
18 December 2014
Govt To Announce Local Council Funding For 2015-16
The government is due to announce later today council funding grants for 2015-16. Councils have previously been warned that they will be facing average cuts of 1.8%, with the Local Government Association warning that services would "buckle under the strain".
Govt To Announce Local Council Funding For 2015-16
The government is due to announce later today council funding grants for 2015-16. Councils have previously been warned that they will be facing average cuts of 1.8%, with the Local Government Association warning that services would "buckle under the strain".
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
