UK NEWS

WATCHDOG WARNS OVER OLYMPIC BILL

REPORT: David Ross

Friday June 20,2008

By Express Political Writer

Comment Speech Bubble Have your say(5)

The £9.3billion budget for the London Olympics could rise as organisers face hurdles over policing, property deals and fallout from the credit crunch.

With the 2012 event approaching, final decisions are yet to be made over the use of new venues after the Games and security plans are not expected from the Home Office until the end of this year.

The National Audit Office, the public spending watchdog, yesterday warned that the series of unresolved issues “may add cost or compromise” preparations. The Olympic Delivery Authority has also failed to reach a deal to build the Olympic village in east London – expected to cost more than £1billion – in a delay blamed on the credit crunch.

NAO chief Tim Burr said: “Important challenges remain which will become more formidable as the spotlight turns to London after the Beijing Games. The delivery bodies need to maintain a firm stance on cost and keep in sight the intended legacy benefits too.’’

The NAO echoed concerns earlier this week by David Ross, the tycoon appointed by new London Mayor Boris Johnson to the review preparations. The £9.3billion budget, which includes a

£2.7billion contingency, dwarfs the £3.4billion budget set when London won the bid in 2005.

WHAT A SURPRISE!

20.06.08, 6:32pm

The £9.3billion budget for the London Olympics could rise as .... Britains children suffer increasing poverty and how many old age pensioners will die this winter through not enough money for fuel?

nulabour, you are an utter disgrace and a shambles.

• Posted by: Brit1 • Report Comment

WASTE OF MONEY

20.06.08, 4:54pm

what a sorry saga,i for one cannot imagine anything more boring than watching this overblown ,overpriced tedious tripe.

• Posted by: bri9999111 • Report Comment

WASTE OF MONEY

20.06.08, 4:54pm

what a sorry saga,i for one cannot imagine anything more boring than watching this overblown ,overpriced tedious tripe.

• Posted by: bri9999111 • Report Comment

ANOTHER £9.3BILLION DOWN THE DRAIN

20.06.08, 6:49am

No matter what pot this Government has its fingers in, there will be gross mismanagement and financial irregularities.

Tomorrow you will read that a laptop containing all the security arrangements for the London Olympics has been "lost" by the Home Office.

This Government could not run a fish and chip shop, let alone an event as challenging as the Olympics.

• Posted by: ReubenMohawali • Report Comment

FINANCIAL MANAGEMENT WORTHY OF A GOLD MEDAL?

20.06.08, 3:31am

I always felt it rather frustrating that the US managed to win so many bids to host the Olympics.

However, when you consider that they always manage to turn a profit whenever they do, and hold very successful games, you wonder why they aren't brought in to manage the finances by every other host nation.

The 2012 has been a fiasco since London won the bid. In true British fashion the cost estimates are escalating; did nobody think to get a legally binding quote from the builder?

Last year they "suddenly" remembered that there would be a £1bn VAT bill. Aside from the fact that the Treasury could write that off, it begs the question as to which Year 9 GCSE Economics student they got to put the Business Plan together in the first place.

• Posted by: StuartPlymouth • Report Comment