London 2012 Olympicand Paralympic GamesQuarterly Economic Report

London 2012 Olympic and Paralympic Games –

Quarterly Economic Report May 2010

DCMS aims to improve thequality of life for all throughcultural and sportingactivities, to support thepursuit of excellence andto champion the tourism,creative and leisure industries.

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Contents

1 Foreword 32 Opening up businessopportunities worldwide 53 Business stats 94 Continuing to 10boost jobs and skills5 Jobs and skills stats 146 Quarterly budget update 16

London 2012 Olympic and Paralympic Games –

Quarterly Economic Report May 2010

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Foreword

One of the greatest events of mypolitical life was the moment I waswith the bid team in Singapore andwe were told the 2012 Olympic andParalympic Games were coming toLondon. It was a fantastic achievementand ever since, I have done everythingI can to support the people workinghard to make the London 2012 Gamesthe event of a lifetime.

I have a big responsibility to the public and know justhow important their support is to making sure we hosta successful Games. To keep this confidence, we have tolet the public know how well preparations for the Gamesare progressing and that we are open about where themoney being spent on the programme is going.This is why I am pleased to be able to publish this update– it shows that during the busiest and most challenging year of construction, the project remains right on trackand within budget. Over 65 per cent of the venues andinfrastructure programme to the 2012 Games is nowcomplete. This is excellent progress and means we arein a good position to overcome future challenges.There are currently almost 10,000 people working hardon the Olympic Park and Village sites. The constructionof the venues and infrastructure is providing thousandsof valuable construction jobs, training and careeropportunities in London and around the UK.As well as being accountable to the public for assuringa winning Games, my key priority is making sure that thefull potential of the Games is realised beyond 2012 whenthe festivities are over. The Games has a unique power toinspire, especially for young people. We need to capturethis power and encourage more children and youngpeople to take up sport.The London 2012 Olympic and Paralympics Games area marathon, not a sprint. With a little over two years togo, we are definitely on track to putting on the biggestcelebration of sporting achievement the UK has ever seen.This is an incredibly exciting but challenging time to betaking up the reins of the 2012 Games and I am hugelyprivileged to be the new Minister for Sport and theOlympics. The Games have been part of my life for solong and I’m thrilled to have the opportunity to helpsteer the project though to the home stretch.