Premiership of Tony Blair which was an agreement to increase British contributions to the EU Development Budget for new member countries, which effectively reduced the UK rebate by 20% . On 6 July 2005, during the 117th International Olympic Committee (IOC) session in Singapore, the IOC announced that the 2012 Summer Olympics, the Games of the XXX Olympiad, were awarded to London over Paris by only four votes. The competition between Paris and London to host the Games had become increasingly heated particularly after French President Jacques Chirac commented three days before the vote that "one cannot trust people [ie: the British] whose cuisine
Olympic Games it will be able to fund the Games. After the work of the evaluation commission, a list of candidates is presented to the General Session of the IOC, which must assemble in a country that does not have a candidate city in the running. The IOC members gathered in the Session have the final vote on the host city. Once elected, the host city bid committee (together with the NOC of the respective country) signs a Host City Contract with the IOC, officially becoming an Olympic host nation and host city. By 2016, the Olympic Games will have been hosted