IMPACT OF THE LONDON OLYMPICS ON LOTTERY FUNDING TO THE REGIONS

That this House notes that £2.175 billion of National Lottery funding is to be diverted to the 2012 London Olympic Games; recognises the enormous contribution that Lottery funding makes to rebuilding local communities and restoring confidence in some of the United Kingdom's most vulnerable communities; welcomes the report by the Culture, Media and Sport Committee on 23rd April entitled London 2012 Games: the next lap; further notes that recent falls in land and property values may jeopardise the £1.8 billion expected to be raised by land sales after the Games; is concerned about the effect this may have upon future non-Olympic Lottery funding; and calls upon the Government to revisit the Memorandum of Understanding with the London Development Agency to ensure that the National Lottery Distribution Fund is reimbursed in full following the completion of the Games.