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OLYMPICS: 'Poor may be trampled on in 2012 gold rush'
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| NEF say there are clear warning signs that the London Olympics may go in the same direction as previous games |
The 2012 Olympics may fail to benefit the poorest people in east London, a think-tank has warned.
Research by New Economics Foundation (NEF) has found small local businesses will not be able to compete with consultants, developers and large companies, who are better equipped to exploit commercial opportunities.
The report, entitled Fools' Gold, also warns that people will be priced out of the housing market as gentrification inflates the cost of living.
NEF say there are clear warning signs that the London Olympics may go in the same direction as previous games in failing to live up to regeneration promises.
The report calls for mechanisms to be put in place to guarentee a positive legacy for those most in need.
NEF fear land will be sold off to the highest bidder to repay massive debts and point out that only 11 per cent of the 500 Olympic contracts awarded so far have gone to companies in the five Olympic boroughs.
It says strict branding rules mean local community organisations are unable to leaverage any value from the Games.
NEF also say multi-national companies, which have won lucrative sponsorship contracts, have no obligation to sub-contract to local businesses or employ local people.
Josh Ryan-Collins, NEF researcher and co-author of the report, said: "Urgent action must be taken to prevent the communities of East London being trampled in the Olympic gold rush.
"The regeneration legacy was not just an enlightened addition to the Games's plan which would be good to achieve if possible.
"It was central to London's original Olympics bid. Promises and undertakings were made in the bid on behalf of the city and the nation; these must be achieved if we are all to keep faith with the assurances made to the world on our behalf."
The report set out a ten-point rescue plan which the think-tank insists can ensure benefits for local people.
It says community benefit should be considered when during the tendering process and contracts broken down to allow local businesses to bid.
The NEF also called for local community groups to be given a place on the Olympic and regeneration board and the creation of a asset-holding body to ensure assets are owned by the local community.
The London Development Agency insisted that it ignores to facts to say not enough is being done.
1:40pm Monday 21st April 2008
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