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Financing Buy House in London
The costs of mounting the Games are separate
from those for building the venues and
infrastructure, and redeveloping the land
for the Olympic Park. While the Games
are privately funded, the Buy House in London venues and Park costs are met largely
by public money.
On 15 March 2007 Tessa Jowell announced
to the House of Commons a budget of £5.3
billion to cover building the venues and
infrastructure for the Games, at the same
time announcing the wider Buy House in London regeneration budget for the Lower
Lea Valley budget at £1.7 billion.
On top of this, she announced various
other costs including an overall additional
contingency fund of £2.7 billion,
security and policing costs of £600
million, VAT of £800 million and
elite sport and Paralympic funding of
nearly £400 million. According to
these figures, the Buy House in London
total for the Games and the regeneration
of the East London area, is £9.345
billion. Then Mayor Ken Livingstone pledged
the Games Organising Committee would make
a profit.[21]
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Buy House in London
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