Rocketing costs for the
2012 Olympics may have
to be met by all British taxpayers, a cross-party Commons panel has warned. In
an uncompromising report, the body panned
Brown for inflating the huge price tag associated with the Games after the
Treasury insisted on a 60% contingency fund.
Original estimates put the cost of the Games at £2.375bn but there has
been increased speculation that the event will cost more than three times as
much. In recent months an unexpected VAT bill of £250m has also hindered
efforts to combat rising costs.
The report said: ‘Just 18 months after winning the bid, it is clear that many
of the cost figures are serously outdated.’ Funding for the core Olympic costs
is currently split between the Lottery which contributes £1.5bn, £250m from the
Development Agency and £625m from Council Taxpayers in London.
Concerns have been raised that that the tax net may have to be widened onto a
national scale in order to meet costs. The committee warned: ‘If the financial
pain of paying more for the Olympics is to be widely shared, it will require a
contribution from the Treasury.’
A revised budget is due to be announced in February, but officials conceded
that this would not take final security costs into account.
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
Drastically fewer offices for HMRC in the hope to reduce their running costs
Laurence Field, the head of tax at national audit, tax and advisory firm Crowe Clark Whitehill outlines the 6 'unexpected items' regarding HMRC's Making Tax Digital plans
Many working in professional services have received honours this new year from the Queen