From: House of Commons Public Accounts Committee Report

"Lottery money will be used to fund the 2012 Olympic and Paralympic Games, so the Fund expects its income to fall from £237 million in 2006–07 to around £180 million in 2009–10.

The regeneration needs of East London outside the Olympic Park are in danger of being ignored by central government, according to the boss of the area’s urban development corporation.

In addition, says Peter Andrews, chief executive of the London Thames Gateway Development Corporation (LTGDC), weaknesses in the planning system caused by delayed implementation of government reforms is hampering regeneration efforts.

“The Olympics will promote sport and healthy living in the capital,” it says the website of Waltham Forest borough council. “We can now look forward to seeing the area regenerate with the best sporting, leisure and cultural facilities the world has ever seen."

The House of Commons culture, media and sport committee expressed “deep concern” about raiding funds from the culture sector to be directed towards the games.

Extract from: ‘Caring for our collections’ , Report of House of Commons Culture, Media and Sport Committee, 7 6 07

Key projects for young people will be hit by the switch of Lottery cash to pay for the 2012 Olympics, a fund provider has warned.

"Our grant-making for the foreseeable future will now be seriously reduced"

Two stories in the local papers catch my eye for showing how fragile are boosterist promises about investment levels particularly in the aftermath of the Five Ring Circus leaving town.

Universities may be disappointed if they are expecting to make large amounts of money on the back of the 2012 London Olympics.But the lack of new money and the scarce opportunities to use the Games to increase revenue is not deterring universities from all over the UK wanting to get involved in the run up to 2012.

LONDON’S Olympic planners face a new bill of up to £400m over the construction of the athletes’ village.

The Olympic village, the biggest construction contract for the Games, was originally to be built by a private company at a cost of £1 billion and then converted into 5,000 homes that would be sold after the event. The cost of the village is not included in the budget of the Olympic Delivery Authority (ODA), which is overseeing all construction work.