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13/06/2012
Olympics Could Come In Under Budget
Sports minister Hugh Robertson has said that the London Olympics is likely to come in under its £9.3bn budget with about £500m of the contingency funding left.
Mr Robertson said that "all being well we should be able to hand half a billion pounds back to the Treasury".
The £9.3bn budget, which included a £2bn contingency, was set in 2007 and was almost four times the estimated cost at the time London bid in 2005.
The budget was revised upwards after taking into account previously overlooked costs such as VAT, increased security costs, and an expanded brief for the Olympic Delivery Authority to regenerate the lower Lea Valley area.
Mr Robertson said the latest figure for the Games, which begin next month, was "a great advert for the British construction industry, for sport and for UK Plc".
It is understood the exact figure would be announced to Parliament later.
(H)
Mr Robertson said that "all being well we should be able to hand half a billion pounds back to the Treasury".
The £9.3bn budget, which included a £2bn contingency, was set in 2007 and was almost four times the estimated cost at the time London bid in 2005.
The budget was revised upwards after taking into account previously overlooked costs such as VAT, increased security costs, and an expanded brief for the Olympic Delivery Authority to regenerate the lower Lea Valley area.
Mr Robertson said the latest figure for the Games, which begin next month, was "a great advert for the British construction industry, for sport and for UK Plc".
It is understood the exact figure would be announced to Parliament later.
(H)
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