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But many Londoners are sceptical about whether the legacy will end up being positive for them. And they're right to be, given the pro-big business nature of the government.
There is a lack of sports facilities around the Olympic park in east London. There are only 80 public swimming pools in London for a population of nearly 8 million.
In Camden currently none of the schools have proper playing fields. This government and the previous Tory governments have been falling over themselves to sell off land around schools. Recently there have been reports about some newly built academies, where pupils have no proper breaks or playing fields.
Lottery
The Lottery funding has been robbed of £675 million to fund the Olympics, especially from the sector that is about getting more people active in sports.
It seems perverse to take money away from community sports groups to fund the Olympics when the government claims the Olympics will provide a real legacy of increasing participation in sports.
£99 million has been taken away from Sports England. Sports England's target of getting two million more people active in sports before 2012 is now seen as unattainable. They say this 8% budget cut will likely result in 186,000 fewer people being given the chance to participate in sports.
Housing is another big issue in London. In the original bid, the government promised that between 30,000 and 40,000 new homes would be built in the wider area, with up to approximately 9,000 new homes in the Olympic park. But 50% will be owner-occupied, so most ordinary working class families in the three host boroughs will be priced out.