Search

Olympic Stadium could cost taxpayers more cash, London Assembly warns

15:03 10 December 2012

Transforming the Olympic Stadium must not cost taxpayers more money—especially now West Ham has been named the preferred bidders.

That’s the demand of a London Assembly report warning that the Legacy Development Corporation is exposed to financial risk that may increase pressure to provide extra public cash.

The Assembly’s Budget committee fears that ambitious legacy plans aimed at rejuvenating east London may be eclipsed by a short-term need to raise capital from high-value housing developments.

Budget chairman John Biggs, whose east London constituency includes the Olympic Park, said: “We need a guarantee from the Mayor that taxpayers will not be left to pick up the bill.

“The once-in-a-generation transformation of the Olympic Park is a huge opportunity for east London—but doesn’t come without financial risk.”

The committee’s Pre-Budget report also wants to know the implications if bus and train fares rise only by inflation rather than ‘above’ inflation as announced, and wants assurances that plans to reduce police costs are judged against changes to policing capacity. The Mayor is expected to publish his Budget early in January.

0 comments

Latest Newham News Stories

40 minutes ago

A cutting-edge artist is exhibiting a very unusual painting – it’s a dress.

University of East London
Yesterday, 17:14

Former football stars and Paralympic champions helped launch a ground-breaking disability sports initiative at Queen Elizabeth Olympic Park this morning.

Elizabeth Olympic Park
Yesterday, 15:52

All lanes have re-opened on a bridge metres from London City Airport where police had been dealing with an ‘incident’.

Silvertown
Yesterday, 14:08

Members of a gang who stole £158,000 of goods from parked lorries across the South East have been sentenced to more than 35 years in prison between them.

Canning Town

Newsletter Sign Up

Most read news

HOT JOBS

Show Job Lists

Competitions

If you’re obsessed with Apple or just love a good gadget, this is a prize that will blow you away! An incredible £3,333 to spend on Apple goodies! How would you like to be the proud new owner of the Apple Watch?

Read more

As we grow older it becomes more and more important to have means to travel about safely and quickly. Our friendship groups and families grow and the need to have a car that is not only safe but also fast and big enough for all our needs is ever more important. There are many cars on the market for such needs but none deals with them as efficiently or as neatly as a VW Golf Estate. These cars are build strong, long lasting and spacious for a reason. They cater to the needs of many and are some of the most popular cars currently on the market.

Read more

Digital Edition

cover

Enjoy the
Newham Recorder
e-edition today

Subscribe

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now