MP's Concern over London Olympics Funding

12.16.53pm UTC (GMT +0000) Wed 7th May 2003

Tony Blair this week declared himself in favour of a bid for the London Olympics. MP Vincent Cable expressed concern that "this superficially attractive idea" would rapidly lose its appeal when the funding implications were better understood.

"There are two sources of funding being proposed to raise the millions required. First there is the sports lottery. But there are already alarming figures showing that lottery funding is drying up. "

"Community projects like Hampton Pool are finding it difficult enough to raise money from the Lottery; it will be impossible if the funds are raided to finance new stadiums for the Olympics, which will only be used for a few weeks".

"Second, Tony Blair is proposing a council tax supplement on all Londoners. Councils already face a council tax payers revolt even when the money is being spent on useful things like schools, policing and social services. "

"There will be uproar when council tax payers realise they are being asked to subsidise an Olympic bid".