Chris Gourlay
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THE mayor of London, Boris Johnson, is planning to go cap-in-hand to the Chinese government after the credit crunch and falling house prices left a £250m hole in funding for the 2012 Olympics.
In return, he plans to offer Beijing a share in a university that could one day be based in the athletes’ village and media centre and run jointly by institutions in Beijing and London.
Johnson discussed the idea two weeks ago during the Paralympic games with Zhang Mao, the deputy mayor of Beijing, who oversaw construction of the city’s Olympic park.
Zhang is understood to be enthusiastic, both about the university and about investing in other Olympic venues.
The move is an attempt by Johnson to find badly needed extra funding for the £1 billion village after Tessa Jowell, the Olympics minister, ruled out a bail-out by the taxpayer.
“The idea of creating a university there appeals massively to the mayor,” said a spokesman for Johnson.
“We are still at the early stages of negotiation but the deputy mayor [of Beijing] was very excited about the idea of doing a joint venture between a big business school in Beijing and a distinguished university in London, such as LSE or Imperial College.”
Johnson, who has expressed concern at the lack of a coherent “legacy master plan” for the Olympics site, will meet Zhang again in London next month.
The Chinese government is also understood to be keen to invest in other large-scale infrastructure projects in the capital, such as Crossrail, the London Underground and the proposed Thames estuary airport.
Money for the athletes’ village is desperately needed. Developers are finding it harder to raise cash thanks to the credit crisis and the collapse of the housing market, which has also cast doubt on plans to sell the site for housing after the games.
Architects have been ordered to reduce the number of apartments in the village by 1,000, meaning five athletes will have to squeeze into flats originally designed for four.
Olympics chiefs admit they have been forced to look for alternative sources of finance, either by raiding the £2 billion contingency fund or by making cuts elsewhere in the £9.3 billion budget for the games.
Earlier this month, the Olympic Delivery Authority, the body responsible for building the venues and infrastructure, said it was advising the government on funding options as the economy slows down.
“What is happening in the markets means the availability of funding is more difficult,” said John Armitt, chairman of the authority. “If it is available, it is available on harsh terms.”
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Brilliant vision from Boris. A school to make the next generations better educated and our 2 nations linked. I believe most Brits have little idea how respected the UK is here within China. and how our education institues are admired.
Ralph, Mianyang,Sichuan, china
A Chinese university in London, a new airport in the Thames estuary; is it possible that BoJo could turn out to be the greatest visionary since, er, the previous greatest visionary?
David Masu, Zürich, Switzerland
Why not admit the truth. The UK is broken. Cancel the Olympics.
ronnie, bucks, UK
Ask the French if they'd like to host the 2012 Olympics instead.
Then we can afford something that might actually be useful.
At this rate the country will be bankrupt long before the Olympics take place.
And we'll know who was responsible.
David, Malvern,
"Bad move Boris - Brownie & Darling should be humiliated into paying up!"
How can you humiliate a government without honour.
Trevor S, Crawley, West Sussex, England
What a great idea. The simple fact is that we can't afford these Olympics under the original chaotic, inadequate funding scheme. Even if the money can be raised from the private sector, the country in general, and London residents in particular, will still be paying for them in 20 years time.
john, Oxford, England
Yes, and hands out of the pockets Boris! - there's a good chap!
jimmy , Tunbridge Wells, UK
So it would be WRONG for the Government (aka the Taxpayer) to make up the shortfall, but its okay for the Taxpayer to bail out Northern Rock and Bradford & Bingley which have collapsed due to irresponsible management?
Bad move Boris - Brownie & Darling should be humiliated into paying up!
Paul C, Harlow, England (Not EU)
10 out of 10 for daring to think big Boris!
UK, London needs to move away from it's thinking ' can do ourselves/better than others' attitude.
We are part of the world, so lets join it in a more humble magnanimous way shall we?
2012 will come regardless of any whining of taxes.
Marie, London, UK
Britain IS broke and having to ask China for help, and anything that means something actually useful comes out of the Olympic land grab, without any more taxes I can't afford being extracted from me, is brilliant.
Go Boris.
Just watch the terms.
Thalia, London,
10 out of 10 for daring to think big Boris.London needs to move from its "we can do it on our own/we're better than others" attitude.Let's be more humble,join the world and accept assistance from others.2012 will come regardless of the whining about additional taxes from the few.
marie, London,
If Boris Johnson wants to gain any credibility for himself then he must take the advice I publicly gave him last year as he was preparing to become a candidate for the post he ahs now already messed up in a big way. Show he has a morality and an ethics that is higher than that of Ken Livingstone.
Muhammad Haque, London, UK
Just think what a PR scoop the Chinese Government would make of this. Britian broke and having to ask China for help!
Bergman Coffey, Belfast,
As long as me THE TAX PAYER doesn't fork out money for something I never wanted I don't care who pay's for the 2012 games I won't benefit from them.
allan , Stafford, UK
This would be a national disgrace for Britain...worse than that... it would be an INTERNATIONAL DISGRACE and a national humiliation! Somebody stop him...PLEASE! There are many more dignified and business-like ways of obtaining funding. Use a little imagination... get expert help in London!
Garth Rex, Glendale Heights, USA
Hope he remembers to button up his jacket when he meets them!
dave, kent, UK