2012 Olympic Finance Fears
The state of finances for the 2012 Olympic Games was placed under increasing scrutiny as organisers were placed under intensive pressure.
The final agreed budget has still to be decided more than 18 months after winning the games, and as reported locally and nationally the estimates are spiralling out of control.
The National Audit Office has also stated that substantial further public funding will be needed to bolt on top of original estimates agreed in 2003.
Minister Tessa Jowell has declared the cost of the Olympic Park in London has shot up from £900 million to £3.3 billion. The Culture Committee warned the 60 per cent contingency demanded by the Treasury in case of construction overruns could amount to ‘an almost open cheque’.
Posted: February 2nd, 2007 under Planning.
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