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The Olympic Money Event - Britain Loses

Spiralling Olympic costs 'inexcusable' - Britain - Times Online

The Labour-dominated Commons Culture, Media and Sport Select Committee will launch a stinging attack on ministers today for miscalculating the cost of the 2012 Olympics.

The committee will also urge Gordon Brown to meet the current £900 million shortfall...

The MPs’ highly critical report warns Gordon Brown against raiding the National Lottery or increasing the London council tax further to meet the deficit.

The National Lottery has already contributed £1.5 billion to the Games, and Londoners are paying more than £650 million in council tax — or £20 a year extra until 2012...

“The cost of the Games is now estimated to be over £8 billion, including contingency and security fees, but detailed figures are now expected to be delayed until the summer. The cost of the Olympic Park in East London alone has jumped by nearly £1 billion, from £2.3 billion to £3.2 billion.” The costs have escalated because of construction inflation and project management costs, which at £400 million exceed original estimates.

Whitehall departments are still contesting whether VAT can be excluded from the cost, and who should meet the security bill, which has risen threefold.

Another dispute centres on the contingency fund, which the Treasury wants to set at 60 per cent...

The MPs are also wary about the escalating costs of the sports stadiums within the park, particularly the broadcasting centre, which is now likely to cost nearly £50 million more than expected. They also state that the costs of decontaminating the site could rise because only half the site has been surveyed....

I like the way it is suggested that Gordon Brown should pay for this folly - as though he is going to dip into his own pocket. What they are saying is that the rest of the taxpayers should be mulcted of even more of our money to pay for this vanity project.

Is it really to late to let Paris have it?

Comments

"Is it really to late to let Paris have it?"

No, a fifty megaton airburst should do nicely.....

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