In ‘a hardhitting report’ to be published next Tuesday, the
public accounts committee has lambasted the run-away costs of the Olympics,
which have spiralled from about £3.4bn to more than £ 9bn.
Don Touhig, Labour MP on the committee, has slated the multibillion-pound
rise as likely to go ‘into the Guinness Book of Records for the most
catastrophic financial mismanagement in the history of the world’, the
Evening Standard reports.
According to the London
Development Agency (LDA) the original budget for taking over the Olympic
Park site in Stratford had been £594m, but by the end of March £578.4m had
already been spent.
Information provided under a freedom of information request reveals LDA
saying: ‘the current estimated outturn budget for land and disturbance
compensation payments is £624.41m, with the increase of £30.37m funded from the
approved budget contingency’.
Plans to tackle criminals defrauding London’s councils have taken a major step forward with the appointment of CIPFA to provide data analytics for the London Counter Fraud Hu
Government services will be decimated if proposed reforms to IR35 in the public sector go ahead, a study has warned
CIPFA and EY form partnership to produce fully compliant accounts for local authorities
Head of editorial Kevin Reed discusses this week's important accountancy news, including Brexit and audit market evolution