Costs of London Olympics Likely To Rise

I am not the slightest bit surprised to read that the costs for the 2012 London Olympics, despite already being way over the original "budget", are expected to rise further.

The budget, if one can really call it that that, currently stands at £12BN (including £2BN running costs).

David Ross, the multi-millionaire entrepreneur, nominated last month by Boris Johnson to be his man on the board of LOCOG, the London Organising Committee of the Olympic Games has put together a report about the preparations for the games.

The report says that the construction of the Olympic Village is under threat because of the recent contraction in the credit markets, fall in property prices and the continuing rise in the cost of building materials due to the boom in economic activity in China.

Ross says:

"Some significant additional public sector funding is likely to be required to deliver the project."

£20BN here we come!

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