That Olympics legacy

This planned legacy would see some of the 80-passenger boats converted into self-hire vessels based at Limehouse, with others still used for general transport. The hope was this would help promote further investment in an area which faces serious economic deprivation.

Invigorate the lesser regions of the East End, oh my yes. That\’s what the £20 billion was really all about d\’ye see?

It was supposed to be one of the smaller but more immediate legacies of London 2012: an Olympic and Paralympic passenger boat service along east London\’s river Lea which, once the Games were over, would evolve into a popular leisure business over the course of its 15-year contract.

Instead, the company which was awarded the exclusive deal – and then attracted savage criticism for charging up to £95 for a ticket – has seemingly gone bust before London 2012 even finished.

Expect more of these sorts of stories. Myself, I\’d estimate that 150% of these \”legacies\” will turn out to not actually exist in any meaningful sense.

The extra 50% being what would have been done if the money had remained fructifying in the pockets of the populace of course.

4 thoughts on “That Olympics legacy”

  1. The company paid for the renovation of the (public) Limehouse Marina, didn’t take a penny of public money, and the only people who lost out in the bankruptcy were its shareholders. You’d have to be pretty desperate to spin that story as anything other than a win for the legacy.

  2. johnb
    We have been repeatedly told that 20 billion didn’t come entirely out of the public’s pockets. A substantial part of it was described as ‘investment’ by business. So I’d be inclined to take that money the company spent on Limehouse Dock etc as part of that 20 bil & the bankruptcy as a legacy.
    Unless we we’re going to stack all the positives on one side of the books & all the negatives on the other.

  3. BiS: what currency are you using there? The cost is GBP10bn, or GBP12bn if you follow some of the right-wing press’s madder assumptions.

    MrP: ta for that. “Not the taxpayer” still applies though.

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