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|Base Cost||VAT||Gross cost|
|The amounts shown above are net of contributions receivable totalling £5 8 9m, which includes amounts related to enabling works, utilities and village.|
Projects which are not disaggregated such as Other Olympic Park Venues are still subject to contract and accordingly are commercially sensitive at this stage.
Programme delivery includes a provision for performance related payments to CLM, the ODA Delivery Partner.
Contingency as announced on 15 March 2007 totalled £2,247m. This is included as two separate amounts, £2,009m as included above and £238m identified as
Security Contingency within the Non-ODA Budget. The Security Contingency of £238m was announced to Parliament on 17 October 2007 (Hansard 17 October 2007 Column 1133W).
While a cost to the games, all tax paid by the ODA will be a future receipt to the Exchequer and accordingly no net additional cost to the public sector.
|Released ContingencyIincluded in Cost|
The Minister for Pensions Reform (Mr. Mike O'Brien): Consultation begins today on draft regulations which will allow protected rights to be held in Self-Invested Personal Pensions (SIPPs). A copy of the consultation document and draft regulations have been placed in the Libraries of both Houses of Parliament.
The consultation is the result of the very useful dialogue we have had with the pensions community about the existing restrictions preventing SIPPs from holding protected rights. In light of recent changes bringing SIPPs under the regulatory control of the FSA, the Government consider that these restrictions are no longer necessary.