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London Olympics 2012, London, United Kingdom 
Wednesday 22 Nov 2006
 
Olympic fiasco 
 
Tessa Jowell and Ken Livingstone 
 
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A turbulent week in UK as Culture Secretary reports massive budget overruns on 2012 Olympic plans 

It was oh so predictable. Budget overruns on the 2012 Olympics was almost a given but no-one could have guessed the scale of the forecasts just one year into the seven year lead-in. The total cost of the development is spiralling up so fast that no reliable figure really exists at this point in time.
Earlier this week it was revealed in the British press that the expected cost could be as high as £8bn but many believe this could this could rise as high as 20bn by the time the Games are realised.
Later in the week UK Culture Secretary Tessa Jowell reported to MPs that the expected costs had risen by 900 million (more then the cost of the Sydney Olympics) but with regeneration costs of £1bn and a 60% contingency cost the total figure was now over £7bn.
The original budget of £2.4bn has been shrugged off as a “mere concept”, a rough figure to secure the bid. A key component of the Olympic bids was the inclusion of a figure that was acceptable to both the Olympic Committee and the respective Governments. ........more

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