The spirit of the London 2012 Olympic Games is set to live on as the government unveiled plans for redevelopment.

Mayor of London Boris Johnson and chancellor George Osborne announced an 'Olympicopolis' project which will see the creation of a major new higher education and cultural district on Queen Elizabeth Olympic Park. Both Mr Johnson and Mr Osborne stated that the development will help to create 10,000 jobs and provide a significant boost to the UK economy.

Among the plans unveiled by the Mayor of London and the chancellor include a potential move by University College London and Victoria and Albert Museum (V&A). These two institutes could build new sites near to the Stratford waterfront which would bring more people to the former Olympic Park. Mr Johnson believes that this will bring in significant job opportunities as well as an extra £5.2 billion of economic value from the area.

The plans to upgrade the Olympic Park come in the wake of the announcement that the government will be investing significant sums into the infrastructure across the UK. Chief secretary to the Treasury Danny Alexander unveiled The National Infrastructure Plan (NIP), which sees a series of insurance companies backing the government with a combined total of £25 billion. Among the plans in the NIP was a £50 million redevelopment of Gatwick Airport's railway station a long with a host others.

University College London stated that its initial plans were still in consultation stage and officials were talking with staff and partners about a potential move. Should it come to fruition it could see the creation of a new centre for culture and heritage, a design school, a new biotech hub and an education technology centre.

Mr Osborne said: "The fantastic regeneration the Olympic Games brought to some of the poorest parts of East London must be continued. This excellent project brings together new housing with a world class university and museum and has the real prospect of creating a new centre of culture and learning in London. I am behind it 100 per cent."

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