In spite of the recession, Lord Coe continues to insist that the "fluid" budget for the London 2012 Olympics (currently standing at £12BN, including £2BN running costs) will not be cut.
Given that the government is planning to make cuts in the public sector of up to 30%, quite how he can make such an unrealistic and frankly ridiculous promise is a mystery.
No project or spending commitment is ringfenced. The Olympics is most certainly a target for cuts, as it is a badly managed waste of money that was not professionally costed at the time of inception.
Coe is quoted:
"The budgets are set so stories that the Olympics might suffer from cuts in public spending are inaccurate."
Coe is wrong, a budget is just that - a budget.
Until the money is spent, the budget can be adjusted up or down (until now, that adjustment has been upwards). Coe knows from his time as an MP that no budget is set in stone, to suggest otherwise is highly misleading and demonstrates and ostrich "head in the sand" mentality.
Olympic Medals won during the Beijing 2008 Olympics
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