MPs vote against cash for Olympics

Posted on Posted in INDUSTRY NEWS

The Conservative and Liberal Democrats will vote against government plans to give more cash to the Olympics, it has been reported.

A report to the Greater London Authority has suggested there will be a £1 billion shortage once the games have finished, because property price projections have been inaccurate.

The government has denied there is a problem. "There is absolutely no black hole in the 2012 finances, and these claims are completely misleading and a distortion of the facts," said a representative of The Department of Culture Media and Sport (DCMS).

An earlier estimate had predicted £1.8 billion would be raised in land sales following the Olympics. This figure now looks optimistic considering the difficulties in both private and commercial property markets.

Despite these concerns, commercial property in London could benefit from the huge investments in infrastructure prior to 2012 – £17 billion has been set aside for transport improvements.

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