A cross-party committee of MPs has called on the Treasury to provide the additional funding to cover a projected £900m overspend on the London 2012 Olympic and Paralympic Games. Under current arrangements, any shortfall in Olympic funding would need to be covered by existing Lottery funds and a levy on Londons Council Tax payers
In a report into the funding and potential legacy of the Games, the House of Commons Culture Select Committee demands that more needs to be done and quickly if we are to achieve all of the potential benefits [of the Olympics] for the UK. The report also notes that not enough is being done to make the most of the cultural elements of the Games: &the Government should do more to publicise and co-ordinate it [the Cultural Olympiad], drawing together ideas, sharing good practice, and increasing awareness of some of the more practical and imaginative suggestions which are being made. It suggests more should be done to involve key local and regional cultural partners and argues that smaller voluntary sector organisations are being marginalised.
According to the original Olympic funding plans, £410m is scheduled to be diverted to the Olympics from all Lottery distributors: this is in addition to any potential loss of Lottery income caused by the introduction of the new Olympic Lottery. The Committees warnings against diverting further Lottery revenue to the Games were echoed by Sir Clive Booth, Chair of the Big Lottery Fund. He said, Any further significant diversion of funds from the Big Lottery Fund towards the Olympics would clearly be of serious concern, damaging the Funds ability to fulfil its mission to improve communities and the lives of people most in need.