The London 2012 Olympic and Paralympic Games is on track to be delivered on time and under budget, Government announced today. Read the Quarterly Economic Report.

With less than 50 days to go until the Games begin the Government remains within its £9.298 billion public sector budget for the construction and delivery of the Games, with £476 million of uncommitted contingency funds still available.

This is despite the adversity of the international economic climate and the loss of private sector funding which meant the Olympic Village and media centres had to be absorbed by the public sector funding package.

Secretary of State for Culture Olympics Media and Sport, Jeremy Hunt said:

“With only 44 days to go before the Olympics it is fantastic news that there is still £476 million of contingency funds left. Britain has proved that not only can we put on a great show for the world to watch like we did with the Jubilee but that we can also deliver big construction projects on time and on budget.”

Minister for Sport and the Olympics, Hugh Robertson said: “With a matter of weeks to go until London 2012 we are in a strong position. The development of the Olympic Park on time and under budget is a great success story for the UK. We can now look forward to a summer of sport built upon the firm foundations set down by the Olympic Delivery Authority, London Organising Committee and everyone involved in the project.”

Dennis Hone, ODA Chief Executive said: “Our marathon task of building an Olympic Park fit for champions is almost at an end. The finish line is in sight but we have still got work to do, supporting the London Organising Committee in the next month and during the Games. The finishing touches are being put to this stage for the world’s best athletes – but we want the audience to be thrilled too: not just the spectators this summer, but the people who will live, work and play in the Olympic Park for decades to come.”

The construction of the Olympic Park over six years has seen a contaminated former industrial site transformed into a new park with world class sports venues and green spaces complemented by improved transport links and a massive new shopping centre. More than 46,000 people worked on the construction of the Olympic Park and Village, of which 10 per cent were previously unemployed, while around 4,000 apprenticeships and training opportunities were also provided.

Seventy-five pence in every £1 spent on developing the Games has gone on the regeneration of East London which long-term will see the Park become a new residential and business sector creating new jobs and providing housing and community facilities. Six out of eight Olympic Park venues have already secured operators for after the Games.

Ticket sales for the Games have been strong with unprecedented demand for Paralympic tickets. The Olympic Torch relay has also received incredible support as it travels around the UK.

Legacy has been built into every part of the programme from the outset ensuring that the Games deliver sporting, economic, regeneration and community benefits after the Games.  The key aspects of the legacy include:

• Sport: A £500 million boost to sport through Government Lottery reforms helping to support: a £1 billion youth and community sport strategy; a £135 million Places People Play programme to improve the nation’s sport facilities and infrastructure; and The Sainsbury’s School Games competition re-energising competitive sport in schools.
• Economic growth: Government’s investment in the Games is helping support the UK’s recovery by: showcasing UK construction expertise; boosting the economy by £3 billion through domestic and global tourism campaigns and Games-related trade and investment activity; and GREAT Britain international advertising and marketing activity.
• People: a nationwide programme of community projects inspired by London 2012, 70,000 Games Makers and 8,000 Team London Ambassadors, millions of people getting involved in the Cultural Olympiad, the Torch Relay and the 2,000 community action projects inspired by London 2012.
• East London: Fast paced, large scale urban regeneration including the major share of the £6.5 billion in transport upgrades focused on East London including £120 million upgrade to Stratford Regional Station; significant corporate investment in the areas surrounding the Olympic Park, including Tech City; and the £1.4 billion development of Westfield City Stratford – the biggest urban shopping centre in Europe.

Notes to Editors

1. Read the Quarterly Economic Report on the DCMS website.
2. This report covers the period 1 January 2012 to 31 March 2012 with the exception of the uncommitted contingency fund figures which include adjustments for the additional funding released in the period up to 31 May 2012, reflecting that this is the final report before the Games.
3. The public sector funding package for the Games announced in March 2007 was £9.325 billion. On 24 May 2010, the Government announced that it would be reduced by £27m to £9.298bn.