"The total cost of hosting the 2012 Olympics in London could be as much as £9 billion.
The Treasury and the Department for Culture, Media and Sport are allegedly considering the figure, according to a report.
It is almost four times the initial £2.35billion estimate used in London's bid.
Last November, Culture Secretary Tessa Jowell admitted in parliament the costs were set to rise to £3.3billion. But that could be the amount for the construction alone, the report claims.
It is also alleged that a £2billion construction contingency fund will be set aside, with regeneration costs (£1.8billion), VAT (£1billion) and security (£900million) taking the final outlay even higher.
The Shadow Culture Secretary, Hugo Swire MP, said: 'There is no doubt that there will be real worries across the country about the huge increase in costs.
'It is time we got a proper explanation from (Chancellor) Gordon Brown on what has gone on and assurances as to what the government is doing to control the ever-increasing budget.'"
I, personally, am thinking that there are much better ways of spending £9bn.
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Olympic games 'could cost 9bn'
4 replies
RoundTheBend · 24/02/2007 13:11
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