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Chancellor announces plans for university and museum near Olympic stadium
Leading institutions are to build creative centres as part of a new cultural hub in Stratford, it has been announced.
It is hoped the development, which will take place on the River Lea waterfront between the Olympic Park and Stratford station, will generate 10,000 jobs and be completed in 2018.
The Victoria & Albert Museum (V&A) has agreed to display items from its permanent collection in a new building, as well as host temporary exhibitions.
University College London (UCL) is working on plans for a culture and heritage centre, a design school, a biotechnology hub, a technology centre and a space for entrepreneurs.
Funding for the 'Olympicopolis' project is yet to be finalised, with talks between UCL, V&A and the government are expected to continue into next year.
The government hopes the new hub will add £5.2bn to the UK economy.
London mayor Boris Johnson said: “We want to use Queen Elizabeth Olympic Park as a catalyst for the industries and technologies in which London now leads the world in order to create thousands of new jobs.”
Chancellor George Osborne said: “The fantastic regeneration the Olympic Games brought to some of the poorest parts of East London must be continued.”
A total of 1,000 new ‘luxury’ flats will also be built as part of the project.
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