The Olympics is the biggest infrastructure project currently underway in Europe. It will not simply provide skills, training, and jobs – in construction, leisure, the media and hospitality – but also an opportunity to regenerate one of the poorest, most underprivileged parts of London.

The economic conditions faced by people in Britain today are, thankfully, less perilous than those which confronted America during the Great Depression. However, the example of Franklin Roosevelt’s famed Tennessee Valley Authority – a massive investment in one of the most deprived parts of the US which has had a huge lasting economic impact – represents a modern day inspiration for the kind of benefits we should be aiming to derive from the Olympics.

Turning that big picture into individual lives transformed is, however, the critical challenge; but we can use the opportunity provided by the Olympics to go beyond government, and reach out to business, the third sector and individuals.

We should begin by asking charities to provide a series of volunteering opportunities for those embarking on the programme. These could range from helping train youngsters at a local sports club to working on an environmental project. All the young people embarking upon the scheme would be asked to sign a contract agreeing to take up one of these slots and undertake regular volunteer work throughout the duration of their time on the programme.
 
Next, we’d ask businesses to agree to provide one or two-week work placements for all the young trainees. These would, in turn, provide the kind of lessons in the most basic work routines: the importance of punctuality, appearance, building relationships with colleagues.

We’d request Whitehall departments, town halls and third sector organisations to play their part too.

Finally, we’d ask individuals to give up their time to mentor trainees individually as they progress through the programme, from recruitment to graduation.

But we should not just be asking those in work to give their time, knowledge and advice; others – be they from retirees, parents who have given up paid work to stay at home while their children are young, or those recently made redundant during the downturn – have much to give back.

While we could never have foreseen it when London won the right to host the Olympics three years ago, our investment in the games is providing a vital fillip to the economy at a time when it is most needed. The challenge before us now is not simply to grasp these opportunities but also to ensure that they raise the aspirations and open up new paths to opportunity to those who need them most.