Minister says package includes £217m of new money for the Olympic legacy

Thames gateway minister Bob Neill unveiled a £500m funding package for regeneration schemes in and around the Olympic Park to ensure public realm improvements after the 2012 games.

Bob Neill said the money proved that the regeneration region was “open for business” despite the scrapping of the dedicated fund for the Thames Gateway in the Comprehenesive Spending Review. Neill said £300m of the money was being given to the Olympic Delivery Authority for transformation works after the games, with £217m being given to other organisations to prepare the site for redevelopment.

Neill told delegates at the Thames Gateway Forum that local authorities and businesses would now have to help lead its development. He said: “Rumours of the Thames Gatewy’s demise are somewhat wide of the mark. In future the government will play it’s part, being a full partner in making it a better place. But it’s future lies in your hands.”

As predicted on Building this morning, Neill also announced the formation of a new leadership body for the Thames Gateway, the Thames Gateway Strategic Board, which will led be him and London mayor Boris Johnson, to guide high level policy decisions.