Brexit & EconomyPoliticsOlympics budget update imminent

Olympics budget update imminent

Tessa Jowell expected to give assurances next week that the Olympics budget has not surged to an even higher level

Up-to-date forecasts for the costs of the
London 2012
Olympics
are set to be made public next week.

The move is being made by the government to show that the £9.3bn budget has
not spiralled out of control, following criticism from opposition ministers.

This latest cost projection, set to be revealed by Olympics Minister Tessa
Jowell next Monday are expected to show that the overall bill has not risen
since the first forecast announced in March.

The Olympic Delivery Authority’s core costs are thought to have remained at
the £6.1bn level announced in March. This consists of approximately £3bn for
Olympic related buildings and infrastructure, £1.7bn for general regeneration,
£500m of contingency provision and £900m on VAT and tax. The total £9.3bn budget
includes a £2.7bn contingency fund and £600m for security.

A comprehensive 600-page analysis on the Olympics budget is set to be
published early next year.

Further reading:

Deloitte
appointed official Olympics firm

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