Olympic legacy 'needs protecting'
Monday, 21 April 2008 12:01 AM
Safeguards are required to protect the London 2012 Olympic legacy's regeneration promises, a thinktank says.
The New Economics Foundation (NEF) says the introduction of safeguards is needed to ensure the promise of major regeneration for the Lower Lea Valley occurs in reality.
A report published today voices concern that local businesses will struggle to compete with larger service providers and that high housing demand will price locals off the property ladder.
Doubts about the 'trickle-down' principle of benefits predicted by London 2012's organisers mean "urgent action" is needed to prevent east London's communities "being trampled in the Olympic gold rush, the report's author believes.
NEF researcher Josh Ryan-Collins said: "Promises and undertakings were made in the bid on behalf of the city and the nation; these must be achieved if we are all to keep faith with the assurances made to the world on our behalf."
With only 11 per cent of contracts already awarded going to local companies there are fears local businesses could be missing out.
"The governments clear inability to manage the budget for the 2012 Olympics means that there must be safeguards in place to ensure that the family silver isn't, quite literally, sold from under the feet of east Londoners," Mr Ryan-Collins added.
Branding rules prevent local companies associating them with the Olympics and there are concerns the government could pay off London 2012 debts by selling off Olympic land.
The creation of an asset-holding organisation for the Olympic legacy would address this problem, NEF says. It also wants community benefits to feature in all contracts, thus guaranteeing regeneration benefits will be passed on to local residents.
Newsletter sign up