London 2012 Cuts £27.3m From Budget

London 2012 Olympic organisers have revealed that they have met government targets by cutting £27.3m from the event budget while keeping the project on schedule.

The Olympic Delivery Authority has confirmed that the overall cost of staging the Games is now £9.4bn.
Britain’s coalition government ordered the cuts as part of its measures to reduce the national budget deficit.

The ODA said it saved about £13.1m on construction site security, £11.1m on the broadcast and media centers and £3m on changes to the basketball arena and velodrome.

It is thought that the efficiency with which the ODA has made the cuts whilst keeping the project on track could lead the way to further slimming of the 2012 budget.