Dump the Olympics
Blow? What blow? They get an old boy in to run the brickies on time and on budget and he finds he can't. Because of the politicians, for instance:
Derek Wyatt, the Labour MP who chairs the all-party Olympics committee at Westminster, agreed that building costs were likely to be far higher than original estimates.
But Mr Wyatt dismissed Mr Lemley as "out of his depth" and said it was commonplace for Olympic project costs the world over to increase.
"Original costs spell 'x' and come out as a 'y'. I think Mr Lemley was out of his depth."
That is an old Labour Councillor who just scraped into Parliament (by 74 votes on the third recount) telling the boss of an international building consultancy he is out of his depth. It might be acceptable to expect the builder's estimate for your extension to be a wild fiction, but you are a fool if you don't actually work out what the real costs are going to be first. If you expected the estimate you told the public was going to be massively wrong then you lied to them.
* £560 million for new venues, including £250 million for the Olympic Stadium.
* £65 million for the Olympic village.
* £1.5 billion to run the Games.
* £200 million on security.
* £1.5 billion from a special Olympic National Lottery game.
* £625 million from a council tax surcharge of £20 per year for London households.
* £560 million from IOC television and marketing deals.
* £450 million from sponsorship and official suppliers.
* £300 million from ticket sales.
* £250 million from the London Development Agency.
* £60 million from licensing.
The bid team believed that London could end the Games with a surplus of more than £100 million.
Present Cost estimate "£2.4 billion but that is now believed to be approaching £5 billion." And I will bet it is really going to be 10 by the time they finish.
Is it really to late to dump this debacle back on Paris?