Tuesday, Jan 15, 2008
2012 Olympics Plan Requires Land Price Rising at 16% Per Annum!
The Times: Revealed: £1 billion Olympics black hole
Britain faces a £1 billion black hole after the 2012 Olympics because of “ludicrous” property price projections backed by ministers, it emerged last night ... Ken Livingstone, the Mayor of London, and Tessa Jowell, the Olympics Minister, signed a memorandum of understanding last year stating that at least £1.8 billion would be raised in land sales after the Games. The LDA now fears that this figure, based on a 16 per cent per annum increase in land prices in Stratford, East London, over the next 15 to 20 years, is too optmistic.
Posted by quiet guy @ 01:38 AM (495 views) Add Comment
5 Comments
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1. yorkshireman said...
Looks like Enron all over again.
2. hpwatcher said...
I think the Olympics folly; it's just going to lead to more debt, inflation, rises in the cost of land / labour - not to mention council tax - and another excuse for vi's to make out that property prices are going up, due to the ''higher'' demand in London........and all for what???
2 weeks of slightly above average TV and the chance for Ken & Gordon to earn themselves a place in history.
NO THANKS!!!
3. japanese uncle said...
As of 2012, ie in the midst of the unprecedented deflation/recession people won't be able to afford the tickets for Olympic games, though ISA Jowell may well be thinking about extortionate admission fees such as minimum 50 pounds and max 300 pounds for the games. I can envisage half empty seats where only spectators will be nouveaux riches from China and India.
4. wiltshire said...
A wonderful synchronicity at play (possibly). Liebour came to power and inherited an incredibly expensive white elephant from the Tories (The Millenium Dome) and now there's every likelihood that the Tories will come to power and inherit an even bigger white elephant from Liebour (The Olympics). Both white elephants are a stones throw from each other and both will be visited by a tiny minority of the British taxpayers who will inevitably foot the final bill.
I dread to think how much this is actually going to cost the British taxpayer in the end. Who would have thought we'd be saddled with the funding of a bottomless money pit just as the world is about to suffer it's darkest financial hour.
5. Johnnyp said...
OLYMPICS - BETTER OFF WITHOUT THEM ,GOING TO COST US ALL A SMALL FORTUNE IN THE LONG RUN ANYWAY NO MATTER WHAT, AND AS IT SOUNDS HERE SOMEONE IS BOUND TO HAVE MADE A HASH OF THE SUMS FOR SURE...