Search

2012 Olympics costs shoot up £5m in three months

PUBLISHED: 16:00 27 May 2010 | UPDATED: 16:05 05 October 2010

Olympic Village. View of construction of block N15 on the Olympic Village. Picture taken on 28 Oct 09 by David Poultney.

Olympic Village. View of construction of block N15 on the Olympic Village. Picture taken on 28 Oct 09 by David Poultney.

@ ODA

THE cost of staging the 2012 Olympics has gone up another £5m in just three months, according to latest estimates. It means cutting corners and only putting up what’s needed in the athletes’ village for the two-week Games

By Mike Brooke

THE cost of staging the 2012 Olympics in East London has gone up another £5 million in just three months, according to latest estimates out today.

It means cutting corners and only putting up what's needed in the athletes' village for the two-week Games.

The anticipated final bill for the whole 'super project' is now put at £7.267 billion, the Olympic authority's quarterly Economic Report shows.

This is an increase of 0.1 per cent since the last quarterly report, but well within the £8.1bn margin available, the authority points out.

Around £130m savings have been achieved since February, or £600m since the budget was agreed in 2007.

"But we are not complacent," the Olympics Authority Chairman John Armitt insists. "There is still a lot of work ahead. The next 12 months is set to be our busiest yet, with 10,000 workers on the Olympic Park and Village sites."

Potential cost increases are forecast in transport and infrastructure for the Village and Stratford City developments, however.

The decision to build only what is needed in the athletes' village for the Games means there will be spare land for future residential development after 2012, which should claw back some of the costs.

Latest East London News Stories

Yesterday, 12:00

A traditional rural theatre of ancient Bengal that uses hunting for story-telling through folk opera and dance in a theatrical setting comes to Bethnal Green tomorrow.

Yesterday, 10:00

Wondering what the weather has in store for us this weekend? Watch our Met Office video forecast.

Since the government’s austerity programme started in 2010, the council’s core funding from government has been cut in real terms by 64 per cent, which equates to £148m.

Yesterday, 07:00

Former arm-wrestling champ and Whitechapel stallholder Les Clayden is going back to his cockney ‘daisy roots’ to talk about ‘Swimming with Stingrays’.

Fri, 18:21

Police have found the body of a missing student with links to east London.

Fri, 16:14

The mayor of Tower Hamlets has voluntarily had a blood test for Aids in a council campaign for public awareness for people to take part in HIV Testing Week starting tomorrow.

Fri, 13:48

Campaigners have called for support ahead of a national unity demonstration against racism and fascism.

Fri, 11:45

Police are appealing for help in finding a vulnerable man who has been missing for more than a week.

PROMOTED CONTENT

Are you a landlord looking for a fixed rental income, paid whether the property is empty or not? Steve Westley, general manager at estate agents Elliot Leigh, explains their Guaranteed Rent Scheme and how it takes the stress out of letting your property.

Newsletter Sign Up

East London Advertiser twice-weekly newsletter
Sign up to receive our regular email newsletter

Our Privacy Policy

Most read news

Show Job Lists

Digital Edition

cover

Enjoy the
Docklands and East London Advertiser
e-edition today

Subscribe

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now