Magazine article Public Finance

Olympics 'To Keep' £410M Diverted from Lottery Heritage Funds

Magazine article Public Finance

Olympics 'To Keep' £410M Diverted from Lottery Heritage Funds

Article excerpt

More than £675m raised from the sale of London's Olympic Games sites «rill be handed back to the National Lottery for heritage activities after 201Z, outgoing Culture Secretary Tessa Jowell has announced.

But Jowell has retained £410m in funds diverted from heritage activities - such as budgets for museums and galleries - that will part-hind the Olympics but will not be paid back to the National Lottery after the games.

That is likely to irk MPs on the Commons' culture, media and sport select committee, who this week published a report calling for full reimbursement of all cash diverted from cultural activities - using the money from the sale of the post-Games sales of Olympic sites.

The MPs had expressed 'deep concern' that up to £2.2bn in lottery monies would be used to fund the Olympics, including more than £1.1bn in possible heritage cash.

The rest of the lottery's contribution will be raised through specific Olympic projects, such as scratch cards.

Committee chair John Whittingdale MP said that many museums and galleries had flourished since the introduction of lottery funding, but the diversion of finances until 2012 would put the boom at risk. …

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