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Olympics Cost £24 Billion And Rising

Olympics over budget | Latest News | London 2012 | Sky Sports Olympics

The true cost of the London 2012 Games for the UK taxpayer comes in at over £12 billion, £2.7 bn more than the 9.3bn budget, a Sky investigation has revealed......

The additional money calculated by Sky does not include extra counter terrorism funding of £1.131bn being allocated to the police despite a ministerial statement saying "much of this capacity will be devoted to the Olympics in 2012". Nor does it include the £4.4bn budgets of the security and intelligence services.

It also doesn't take into account the opportunity cost of having the majority of the UK police force working on the Games instead of fighting crime elsewhere. On peak days 12,000 police officers will be policing the Games.

In addition Sky's total misses out the £6.5bn spent on transport upgrades which have been brought forward due to the Olympic Games and could have been cancelled as part of the Conservative government's spending cuts if it wasn't for the Olympics.

If we had counted these figures, the Olympic spend would have totalled well over £24 billion, more than double the current Olympic budget and ten times the original calculation....

Following previous Olympic Games, nobody has ever been able to accurately predict the final cost and it won't be until 2013 when we can predict whether any increased tourism, economic benefits and the returns from the tenancy or sale of the Olympic venues and Olympic village will be a worthwhile investment.

I think I can safely predict now whether it will be a worthwhile investment, the answer is a big fucking NO.

Comments

It was probably the second biggest con-job Tony Wot's His Name every pulled on us poor plebs.
His biggest was the Dodgy Dossier.
For both I wish him a long lingering, painful departure from this world and the sooner the better!!!

You just don't understand. Did you think this was being done for the people, the taxpayers? Don't be silly. This was done for the companies who will build the infrastructure and for the politicians and elites who will get attention and further their carear. When looked at that way this is a big success. So sit down, shut up and pay your taxes.

I wish the media would stop being so bloody coy about the Olympic benefits. There aren't any. Tourism barely increases andthe stadia mostly end up as white elephants.

Both Beijing and Athens reported displacement of tourists - tourists that would normally come not visiting because they know it's going to be chaotic. Net result? About the same number of visitors. The ETOA is reporting bookings down. Weymouth is reporting a downturn in bookings, London theatre too.

On top of that, there's no long-term tourist benefit. But then, why should there be? How is a trite Ceaucescu-like opening ceremony and the inside of a stadium going to encourage tourists? The thing that brings more tourists to a place than anything else now is cinema.

We do have a successful celebration which attracts tourists - at least if what happened in previous years happens again - and we didn't even have to "win" it.

The Diamond Jubilee. Why aren't the politicians pushing this?

Stephan

Olympics are good for the tourism sector, but it's not that great for the taxpayers. I just hope there will be enough tourists to cover the costs.

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