London 2012 Budget Could Go Up Again
A new government report has warned that there is a 20% chance that the twice-reassessed budget for the London 2012 Olympics could be subject to a further increase.
The report is the latest in the ongoing reports on the budget which was re-evalued to £9.3bn in March – a figure four times higher than that foreseen in the original Olympics bid.
The report comes as the government and the Olympic Delivery Authority have published their most detailed breakdown of the costs.
Olympics minister Tessa Jowell made a written statement on details of the budget to the House of Commons later today.
Jowell said a ‘thorough assessment of all potential risks’ has backed the £9.325bn budget for the games she outlined in March.
In a written statement to MPs Ms Jowell said ‘months of careful scrutiny have confirmed’ the budget – four times the original estimate – would be enough.
She said: ‘The project has high levels of public support and is on track.’
In November, the House of Commons public accounts committee attacked ministers over planning for the event, saying foreseeable costs had been ‘grossly underestimated’.
