In a remarkable display of financial ignorance, the Olympics Minister Hugh Robertson has said that he is increasingly confident that the 2012 Olympic Games will come in under budget.
For why?
Current figures show that the £527M contingency budget has yet to be touched.
All very well, maybe. However, Robertson ignores the elephant in the room.
When the UK organically tendered for the games the "budget" was £2.4BN. This "moveable feast" has subsequently grown to £12BN (including £2BN running costs, which the media and politicians conveniently forget to mention).
On budget?
Don't make me laugh!
Olympic Medals won during the Beijing 2008 Olympics
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