The IOC has finally admitted to what everyone else has known for a very long time, namely that budgets for long term projects should allow for inflation.
The shambles over the ever burgeoning London 2012 Olympics budget (currently standing at £12BN and rising) has led the IOC to order future bidding cities to provide more accurate budgets of costs.
The International Olympic Committee (IOC) has told the seven cities bidding for the 2016 Games to give the final cost estimates in 2016 prices.
What on earth took them so long to come to this very obvious conclusion?
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