1. ITV Report

Taxpayers to pay 38p per week for 3 years after Olympic legacy

General view of the Olympic Stadium, London. Photo: Philip Toscano/PA Wire

The Olympic journey which took London from Singapore to the Summer of 2012 reached a sad milestone today.

The London Organising Committee of the Olympic Games (Locog) was placed in the hands of liquidators to be formally wound up. The company, run by Lord Coe, faced the daunting task of raising £2 billion to stage the games, just as a global recession began to bite.

Locog's income came from sponsors, TV rights, ticket sales and merchandise. The company's final accounts show a profit of £30 million.

The surplus will be distributed to the British Olympic Association, the British Paralympic Association, the government and two charities.

Locog's privately-raised budget was dwarfed by the public sector contribution to the games. Taxpayers, Londoners and lottery players contributed £9.3 billion to build the Olympic Park and other venues. A further £1.1 billion was spent on buying the land.

The security bill is thought to be around £1 billion. And £6.5 billion was spent on transport improvements. Politicians point to a lasting legacy of sports facilities, better transport and the regeneration of the Lower Lea Valley. London council tax payers will continue paying an average of 38p a week for another three years.