The Olympics

The Olympics


News, information and stories about the Olympics.

Wednesday, March 14, 2012

OIympics Budget Cat Is Finally Out of The Bag

The Department for Culture Media and Sport (DCMS), and the rest of the government, are less than pleased that the true costs of the Olympics £12BN (including £2BN running costs) has finally hit the headlines of the mainstream media.

The Telegraph reports that Jonathan Stephens, the senior civil servant at DCMS, has written to Margaret Hodge (Chairman of the Public Accounts Committee) to complain about the fact that PAC have quoted a figure higher than the £9BN sanctioned by the government and dutifully reported by the MSM.

The £2BN running costs will come from the taxpayer (therefore it is a cost). However, the government is so keen to keep the headline figure below £10BN (a psychological breakpoint) that it is using an accounting fudge to hide the extra £2BN (by claiming some monies will be recouped, and others are not "Olympic costs").

Smoke and mirrors will no longer hide this con trick, the budget cat (reported here in 2007) is finally out of the bag and about time too!

Olympic Medals won during the Beijing 2008 Olympics

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