London Olympics Bill

I do not say for a second that Scotland does not make a huge contribution to the UK economy, and I know well the history of the debate about the oil around the shores of the UK, including Scotland. Of course we remember yesterday’s announcement, but the capital city of the United Kingdom has contributed for as long as the hon. Gentleman and I can remember to the United Kingdom’s coffers, and that money has been spent throughout the UK. Furthermore, of the 10 most deprived local authorities in the UK, five are in London, including the east end. If we want to ensure that there is fairness, it is wrong and improper to say that London is a great and affluent place that will benefit hugely. Some areas need to benefit as they have been deprived; inner-city areas, especially in capital cities, are often deprived. There will be benefits for London and, as people travel in and out of London, those benefits will be shared before, during and after the games with people throughout the UK. I am talking not just about hope, expectation, aspiration, ambition and motivation, but also about opportunities for training and for individuals and teams to visit between 2008 and 2012, and the legacy. There will be other, indirect, effects. A local London paper reported recently that, as a result of the Olympics, the costs of housing in London, both rented and purchased, are likely to be considerably higher than in other parts of the country, much more so in the east end. Many costs will be borne and the new clause proposes a cap on the element of the cost that is part of the deal whereby, as part of the formula, every London household puts more into the kitty.