London

Olympic land debt: London Assembly told 'no extra tax'

  • 23 November 2011
  • From the section London

Londoners will not have to pay extra money to repay debt of £231m for Olympic land, the Mayor of London's chief of staff has said.

Sir Edward Lister told the London Assembly that taxpayers will not have to pay more through an extension of the Olympic precept or council tax.

The Greater London Authority owes the cost of buying and treating the Olympic Park site.

Its draft budget is based on no grants to cover the debt after March 2014.

However, Sir Edward said the burden being laid on taxpayers had "never been in any way in any discussion - it has never arisen".

Current talks centre around the assets being used to repay the debt, Sir Edward said.

He added: "We will be responsible for selling the assets and repaying that debt."

The Olympic Park complex in Stratford will host a number of Olympic and Paralympic events from 27 July to 12 August next year.

Venues inside the park will include the Olympic Stadium, the Aquatics Centre and the Aerodrome.

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