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RETHINK ON GREENWICH MILLENNIUM EXHIBITION COST
BUSINESS SHUNS MILLENNIUM SHOW
Greenwich 18 May 1996
Plans for an ambitious UKP 400 million (USD 600 million) exhibition on the Greenwich Peninsular to celebrate the millennium have run into trouble because private companies are not prepared to put up finance to match public lottery money.
The Millennium Commission is under intense pressure from the British Government pressure to scale down its plans for a UKP 400 million (USD 600 million) exhibition on the Greenwich peninsular.
Government Ministers are concerned that private companies are unwilling to provide the sponsorship of up to UKP 300 million (USD 450 million) needed to match a proposed lottery grant of UKP 200 million (USD 300 million) has forced the commission to reconsider its scheme.
Yesterday Sir Peter Levene, efficiency adviser to the British Prime Minister, John Major, presented the commission with a report on the scheme's commercial prospects. It is reported that he suggested a smaller exhibition at about half the cost.
A source said: "There are people who think that the commission originally over-egged the size of the exhibition. One solution would be for the commission to put up around UKP100 million (USD150 million) , instead of the proposed UKP 200 million (USD 300 million) , and for the private sector to bankroll a further UKP 100 million (USD 150 million).
"That would be easier to raise, would still be enough to fund a fairly impressive show and might be better for Greenwich in the long term because it would be easier to sustain."
Another option reportedly being considered is the creation of a government scheme to underwrite the private sector investment in the exhibition. A spokesman for the Greenwich Millennium Trust, one of the exhibition's backers, said companies were reluctant to come forward unless they were guaranteed a proper return.
Companies that originally are thought to have expressed interest in supporting the exhibition include , and BAA, the airport operator. The difficulty in persuading sponsors to commit themselves is a severe blow to the British Government, which hoped that the exhibition would be a big tourist attraction and a showcase for British commerce and industry.
The commission was accused in the Commons (British Parliament's Lower House) yesterday of concentrating on small-scale schemes when monumental and widespread projects were needed. Andrew Faulds (Labour - Warley East) said during exchanges on forthcoming business: "The Millennium Commission has embarked upon a series of really very piddling proposals when what is needed are both literally and metaphorically monumental projects."
(Conservative), Leader of the House, said: "What should be brought forward and what would be justified are very large projects throughout the country."
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