Olympics Now Costs £14BN

It seems that my warnings about the costs of the Olympics being out of control, made repeatedly on this site, are proving to be correct.

The Telegraph reports that the oft reported budget figure of £9.325BN is in fact bollocks. Note, I have repeatedly stated that the figure (even if costs don't rise) should be £12BN as there are around £2BN of running costs that need to be added in.

However, on top of this, the Telegraph notes that there are "hidden" costs being spent by other public bodies that amount to at least £2.7BN.

That brings the total cost of the Games (including £2BN running costs) to over £14BN.

My personal bet is that the costs will hit around £20BN by the time these games are held in 2012.

The hapless Olympics minister, Tessa Jowell, told Parliament last year:

"I have made it absolutely clear to all the many stakeholders in the Olympics that £9.325 billion is the absolute limit of public money, whether it comes from the lottery, the London council taxpayer or the Exchequer."

LOL!

The London Olympics will turn out to be a white elephant of monumental proportions.

BTW, I did warn the Mayor of London (20 June 2008) about the budget:

"Boris

I will stake my reputation (such as it is) on the fact that the cost for the games will hit £20BN

http://the2008olympics.blogspot.com/search?q=%C2%A320BN

Remember, on top of the current "budget" of £10BN there are £2BN running costs..you do know that don't you?

Good luck!

Ken Frost MA FCA FIPFM"

Oddly enough, he never answered!

Olympic Medals won during the Beijing 2008 Olympics

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