Olympics Cost Revealed
Thursday March 15, 2007
The final estimated budget for the 2012 London Olympics has soared to £9.325bn.
The Culture Secretary Tessa Jowell told the commons that central Government and the national lottery will both contribute more.
But she said the Mayor of London, Ken Livingstone, did not envisage the city's tax payers having to provide extra funds.
The total figure includes construction of the olympic site, running the games, regeneration projects, a contingency fund and off-setting tax.
The exchequer's contribution has risen to £6bn and the lottery will provide an extra £675m on top of the £2.1bn already committed.
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The cost of building the venues has risen from £2.4bn to £5.3bn.
Ms Jowell said despite the increases the olympics would still be "great for Britain."
"There is no part of our national life that will not be enriched by hosting the games," she said.
But the Shadow Olympics minister Hugh Robertson accused her of "raiding" the Lottery to make up the funding shortfall, penalising clubs and small organisations.
Delays in setting the budget have frustrated MPs and heightened concerns about the final bill.
At a stormy session of the Commons Public Accounts Committee last week, officials were accused of presiding over "Alice in Wonderland" finances.
Skynews
