The original estimate of £2.37 billion to host the London Olympics in 2012 was badly miscalculated by the Government. Last week Culture Secretary Tessa Jowell announced that the actual bill had rocketed since the original estimate in 2003 to £9 billion at the expense of the taxpayer. Lottery bosses are furious because it is thought that 1/5 of the entire lottery budget until 2013 will be consumed by the London Olympics.

My main concern is the reliability of these new figures, the construction work hasn’t even begun so will the bill double over the next few years, can anyone really be sure? Read more at This is London.

This entry was posted on Monday, March 26th, 2007 at 4:26 pm and is filed under Government, Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.