Costs soar for 2012 Olympics as UK Government hijacks funds for East End regeneration
Just 12 months after winning the competition to host the 2012 Olympics, projected development costs are spiralling out of control. This week Ministers will be asked to approve an increase of £1.5 billion ($2.75USD) in the budget taking the total to £5 billion. The Olympic Park is strategically located adjacent to the Government’s controversial Thames Gateway scheme, the largest brownfield site in Europe. However much of the site is on flood plain. Ministers are using the Games as a catalyst to drive their 120,000 homes proposal forward by funding infrastructure from the 2012 budget. Recent proposals for post-games use of the Lea Valley Olympic site have conveniently blurred the boundaries between the Games and the Thames Gateway development.