Projections indicate that far from being a revenue earner for Britain, the costs of hosting the 2102 Olympics will outweigh revenues by approximately £3BN.
It is estimated that Britain's gross domestic product will rise by £1.9BN against a projected cost to the taxpayer of £4.9BN, according to confidential figures presented to the government.
Needless to say the government is trying to "rubbish" the figures, because they don't tie in with the positive image that they have been presenting in the media about the Olympics.
Culture department officials won't comment on the identity of the consultants who prepared the report. However, one insider let slip that the government has quite a challenge on their hands:
"We hope that we can maximise the economic and business gain by getting things set up properly. We recognise that we don't possess all the relevant expertise within government. We have to face up to the fact that this is a project of incredible size and complexity and there's real expertise in the private sector to ensure we deliver the Games on time and on budget".
As we all know, governments are the last organisations on earth that should be entrusted with running complex long term projects.
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