The 2014 Sochi Winter Olympics are the most expensive Olympics in history, costing a stonking £30BN.
Despite the £30BN cost, a technical hitch during the opening ceremony meant that the last of the five rings (which initially appeared as snowflakes) making up the
Olympic symbol failed to open.
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Showing posts with label budget. Show all posts
Showing posts with label budget. Show all posts
Saturday, February 8, 2014
Friday, July 26, 2013
Was The Olympics Worth It?
Allegedly, if a survey carried out by ComRes for the BBC of 3,218 adults is to be believed, then more than two-thirds of the UK public believe the £8.77bn cost of the
London 2012 Olympics was worth the money.
That's all very nice and dandy, except that the cost of the Olympics was in fact £12BN.
Given that the survey is based on an inaccurate cost figure, why on earth should the result be seen as in anyway credible?
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That's all very nice and dandy, except that the cost of the Olympics was in fact £12BN.
Given that the survey is based on an inaccurate cost figure, why on earth should the result be seen as in anyway credible?
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Friday, July 19, 2013
The Olympics Boost?
A report, for the UK Trade and Investment department (UKTI), said that last year's Olympics resulted in:
The figures are of course unprovable, as there is no way of knowing what would have happened without the Olympics.
Additionally, the cost of the Olympics was around £12BN.
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- £2.5bn "additional inward investment", 58% of which was outside London
- £5.9bn additional sales following Olympic-related promotions by the Foreign Office and UKTI
- £1.5bn high value overseas contracts - such as helping to design venues in other host-nations
The figures are of course unprovable, as there is no way of knowing what would have happened without the Olympics.
Additionally, the cost of the Olympics was around £12BN.
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Wednesday, September 12, 2012
Locog and G4S Square Up To Each Other
Locog and G4S are squaring up for a battle over G4S's fees for the security cover they provided (or rather didn't provide) for the London 2012 Olympics.
Paul Deighton, CEO of Locog, told the Home Affairs Select Committee that Locog stopped payments to G4S on July 13, two days after G4S admitted that it would not be able to deliver the 10,400 security guards it had agreed to deploy.
Paul Deighton, CEO of Locog, told the Home Affairs Select Committee that Locog stopped payments to G4S on July 13, two days after G4S admitted that it would not be able to deliver the 10,400 security guards it had agreed to deploy.
The Telegraph reports that Locog has paid G4S £90M of a total £240M, and that the rest (according to Mr Deighton) is subject to negotiation.
Deighton said:
Step forward Nick Buckles, CEO of G4S, who also appeared before the committee. Unsurprisingly he has a different view, and is of the opinion that G4S should be paid in full:“We had absolutely clear and consistent reassurances from the senior management that they’d be able to deliver ... up until that fateful day on July 11. We shouldn’t over-complicate this. They just failed to deliver because their own processes broke down.”
“I’m not going to sit here and say we did a great job, but we delivered a significant proportion of the contract. I expect them to pay us in line with the terms of the contract.”The contract would make fascinating reading. However, I doubt that we will ever be able to read the contract as it is shrouded in secrecy.
As I have stated before:
"This is of course what happens when a major project/event is not run in an open transparent manner, and is not subject to scrutiny by independent professionals acting in the interests of the taxpayer."The hapless taxpayer will end up footing the bill for the largess and incompetence of Locog and G4S.
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Thursday, July 19, 2012
Locog's Chickens Come Home To Roost
It has emerged that Locog, the organisers of London 2012, encouraged G4S to keep wages for security staff as low as possible.
Security guards have been offered £8.50 an hour to work at the Olympic venues, which is below the market rate of about £10 an hour.
This pressure on G4S by Locog is somewhat "ironic" given that the government and Locog said publicly that security staff should be paid £10 an hour, so that enough staff were recruited in time.
Locog's chickens have come well and truly home to roost!
The BBC reports that G4S was "incentivised" (ie pressured) in the contract (which was renegotiated and enhanced in December) to keep costs down in order to maximise profits.
Unsurprisingly Margaret Hodge, the chairman of the Public Accounts Committee, has said that it raises "serious questions" about Locog's management of the contract.
Quite!
I will therefore repeat what I have said before:
1 This is what happens when a major project/event is not run in an open transparent manner, and is not subject to scrutiny by independent professionals acting in the interests of the taxpayer.
2 As an experienced FCA and fraud investigator I recommend that a full independent audit be conducted of the tendering process, the contract, Locog and G4S operations pertaining to their work for the Games.
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Security guards have been offered £8.50 an hour to work at the Olympic venues, which is below the market rate of about £10 an hour.
This pressure on G4S by Locog is somewhat "ironic" given that the government and Locog said publicly that security staff should be paid £10 an hour, so that enough staff were recruited in time.
Locog's chickens have come well and truly home to roost!
The BBC reports that G4S was "incentivised" (ie pressured) in the contract (which was renegotiated and enhanced in December) to keep costs down in order to maximise profits.
Unsurprisingly Margaret Hodge, the chairman of the Public Accounts Committee, has said that it raises "serious questions" about Locog's management of the contract.
Quite!
I will therefore repeat what I have said before:
1 This is what happens when a major project/event is not run in an open transparent manner, and is not subject to scrutiny by independent professionals acting in the interests of the taxpayer.
2 As an experienced FCA and fraud investigator I recommend that a full independent audit be conducted of the tendering process, the contract, Locog and G4S operations pertaining to their work for the Games.
Don't forget to visit www.olympicswarehouse.com
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Wednesday, June 13, 2012
The Great Olympics Budget Con
The beleaguered Culture Secretary, Jeremy Hunt (on whom bookmakers suspended any further bets in April on him to be next Cabinet minister to leave office), is cock-a-hoop with himself over the announcement today that the Olympics is coming in at almost £500M under "budget" at approximately £9.3BN:
"With only 44 days to go before the Olympics, it is fantastic news that there is still £476m of contingency funds left. Britain has proved that not only can we put on a great show for the world to watch like, we did with the Jubilee, but that we can also deliver big construction projects on time and on budget."This is remarkable arrogance from a man whose own colleagues, from the Liberal side of the coalition, abstained in today's vote on whether he should face an independent investigation into claims that he breached the ministerial code wrt the BSkyB takeover.
Hunt would do well to remember two things about the Olympics "budget":
1 The original "budget" was in fact £2.4BN, and
2 The £9.3BN figure that the government would have us believe the Games are costing, excludes £2.2BN running costs; the Olympics will in fact cost at least £12BN.
What was that you were saying about being "on budget" Mr Hunt?
It is rather surprising that Hunt isn't very good at budgets/financial matters, given that he seems to be pretty skilled at arranging his tax affairs (wrt Hotcourses) in a "tax efficient" manner.
Olympic Medals won during the Beijing 2008 Olympics
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Friday, April 27, 2012
Olympics "Budget" Beyond Belief!
The arguments over the Olympics "Budget" continue, with the Public Accounts Committee laying to Jonathan Stephens the most senior civil servant in soon to be "resigned" Jeremy Hunt's Department for Culture Media and Sport.
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The Telegraph reports that the cost of providing security for the games has rocketed skywards, eg elements of the main contract with private security provider G4S (the company that illegally bans photos being taken on public land) have
increased by up to seven times.
Liberal Democrat MP Ian Swales said it was “beyond belief” that the Government would have agreed to such a huge increase in the security budget (£86M to £284M) if it had not been forced to do the deal in a hurry having underestimated the original requirement.
PAC took Stephens to task for this, along with his response to a recent PAC report which described the Olympic budget as “finely balanced”.
Liberal Democrat MP Ian Swales said it was “beyond belief” that the Government would have agreed to such a huge increase in the security budget (£86M to £284M) if it had not been forced to do the deal in a hurry having underestimated the original requirement.
PAC took Stephens to task for this, along with his response to a recent PAC report which described the Olympic budget as “finely balanced”.
Margaret Hodge (Chairman of PAC) quite rightly said that PAC had the right to tell the public the real cost of the Olympics.
For good measure Hodge, again quite rightly, said it was “dishonest” not to acknowledge that some costs outside
the Games budget, such as transport improvements, could be interpreted as
Olympic spending.
Stephens claims that he remained “very confident” that the Games would be delivered within the £9.3BN budget.
Which is all very well except that, as has already been pointed out, the "budget" is £12BN!
The whole Olympics "Budget" is in fact beyond belief!Stephens claims that he remained “very confident” that the Games would be delivered within the £9.3BN budget.
Which is all very well except that, as has already been pointed out, the "budget" is £12BN!
Olympic Medals won during the Beijing 2008 Olympics
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Thursday, April 19, 2012
A Farking Waste of Money - The £5K Sandcastle
This time they took four days and spent £5K on building a 13ft-high sandcastle on Weymouth beach, to mark the 100 day countdown to the Olympics.
Unfortunately, those of you wishing to go and see the sandcastle will be sorely disappointed. Once the requisite PR pictures were taken, the sandcastle was demolished.
For why?
Locog and Weymouth and Portland Borough Council decreed that it was a health and safety hazard. Therefore, instead of hiring a security company to guard it, they hired a mechanical digger to destroy it.
Olympic Medals won during the Beijing 2008 Olympics
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Wednesday, March 14, 2012
OIympics Budget Cat Is Finally Out of The Bag
The Department for Culture Media and Sport (DCMS), and the rest of the government, are less than pleased that the true costs of the Olympics £12BN (including £2BN running costs) has finally hit the headlines of the mainstream media.
The Telegraph reports that Jonathan Stephens, the senior civil servant at DCMS, has written to Margaret Hodge (Chairman of the Public Accounts Committee) to complain about the fact that PAC have quoted a figure higher than the £9BN sanctioned by the government and dutifully reported by the MSM.
The £2BN running costs will come from the taxpayer (therefore it is a cost). However, the government is so keen to keep the headline figure below £10BN (a psychological breakpoint) that it is using an accounting fudge to hide the extra £2BN (by claiming some monies will be recouped, and others are not "Olympic costs").
Smoke and mirrors will no longer hide this con trick, the budget cat (reported here in 2007) is finally out of the bag and about time too!
Olympic Medals won during the Beijing 2008 Olympics
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The Telegraph reports that Jonathan Stephens, the senior civil servant at DCMS, has written to Margaret Hodge (Chairman of the Public Accounts Committee) to complain about the fact that PAC have quoted a figure higher than the £9BN sanctioned by the government and dutifully reported by the MSM.
The £2BN running costs will come from the taxpayer (therefore it is a cost). However, the government is so keen to keep the headline figure below £10BN (a psychological breakpoint) that it is using an accounting fudge to hide the extra £2BN (by claiming some monies will be recouped, and others are not "Olympic costs").
Smoke and mirrors will no longer hide this con trick, the budget cat (reported here in 2007) is finally out of the bag and about time too!
Olympic Medals won during the Beijing 2008 Olympics
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Friday, March 9, 2012
Olympics Budget Is £12BN
I am amused to read that MPs and the mainstream media have finally woken up to the fact that the London Olympics "budget" is not £9.3BN (as is usually stated by politicians and the media) but in fact close to £12BN (as I have always stated).
For why?
There are £2.2BN running costs on top of the £9.3BN construction costs!
I have been warning about this accounting sleight of hand for many years, eg 2007:
"Adding further pressure to the already out of control London Olympics budget (currently standing at £12BN, including £2BN running costs); Tessa Jowell revealed that the bill for policing London and the United Kingdom during the Games had soared from £200M, at the time of the 2005 bid, to a total of £1.2BN."
Olympic Medals won during the Beijing 2008 Olympics
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For why?
There are £2.2BN running costs on top of the £9.3BN construction costs!
I have been warning about this accounting sleight of hand for many years, eg 2007:
"Adding further pressure to the already out of control London Olympics budget (currently standing at £12BN, including £2BN running costs); Tessa Jowell revealed that the bill for policing London and the United Kingdom during the Games had soared from £200M, at the time of the 2005 bid, to a total of £1.2BN."
Olympic Medals won during the Beijing 2008 Olympics
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Wednesday, February 29, 2012
Olympics Under Budget?
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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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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Friday, January 27, 2012
Lord Coe Gets His Figures Wrong
Lord Coe is quoted on Bettor speaking about the Olympics "budget":
"We will maintain a balanced budget to the completion of the project and the infrastructure will be delivered within the budget that has already been agreed by government.
Occasionally some things are slightly more than you expect. On a lot of occasions they’re slightly less than you expect, but overall those changes have taken place within that £9.3bn envelope.”
Aside from the fact that the original "budget" when the UK tendered for this leviathan was under £3BN, Lord Coe is mistaken about the current "budget" for the games.
When the running costs of over £2BN are included, the actual cost of the games will be £12BN.
I wonder why Locog et al keep "forgetting" to mention these running costs?
Olympic Medals won during the Beijing 2008 Olympics
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"We will maintain a balanced budget to the completion of the project and the infrastructure will be delivered within the budget that has already been agreed by government.
Occasionally some things are slightly more than you expect. On a lot of occasions they’re slightly less than you expect, but overall those changes have taken place within that £9.3bn envelope.”
Aside from the fact that the original "budget" when the UK tendered for this leviathan was under £3BN, Lord Coe is mistaken about the current "budget" for the games.
When the running costs of over £2BN are included, the actual cost of the games will be £12BN.
I wonder why Locog et al keep "forgetting" to mention these running costs?
Olympic Medals won during the Beijing 2008 Olympics
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Thursday, January 19, 2012
Jubilee To Outshine The Olympics
I am amused to see that the Queen's Diamond Jubilee this year is set to outshine the London 2012 Olympics, in terms of popularity and spectacle.
On Sunday, June 3, the Jubilee weekend will climax with a seven-mile flotilla of 1,000 boats making up the biggest gathering on the Thames in 350 years.
People are far more supportive and enthusiastic about the Jubilee, than they are about the Olympics.
This is hardly surprising given that the Jubilee will cost a lot less than the £12BN being wasted on the Olympics, and will cause far less disruption.
Olympic Medals won during the Beijing 2008 Olympics
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On Sunday, June 3, the Jubilee weekend will climax with a seven-mile flotilla of 1,000 boats making up the biggest gathering on the Thames in 350 years.
People are far more supportive and enthusiastic about the Jubilee, than they are about the Olympics.
This is hardly surprising given that the Jubilee will cost a lot less than the £12BN being wasted on the Olympics, and will cause far less disruption.
Olympic Medals won during the Beijing 2008 Olympics
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Tuesday, January 3, 2012
Not The Austerity Games!
Despite the fact that the UK (and indeed the global economy) faces a financially bleak 2012, the government, in the guise of the Culture Secretary Jeremy Hunt, is determined to "keep our spirits up".
What better way to do so, than to spend £12BN of our money on the 2012 Olympics?
Hunt has emphasised that the 2012 London Olympics will not be the "austerity games", and that the economic downturn meant the event's opportunities must be "harnessed".
Hunt is of the view that the voters would not forgive the government if it failed to make the most of the Games.
So there you are then!
Olympic Medals won during the Beijing 2008 Olympics
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What better way to do so, than to spend £12BN of our money on the 2012 Olympics?
Hunt has emphasised that the 2012 London Olympics will not be the "austerity games", and that the economic downturn meant the event's opportunities must be "harnessed".
Hunt is of the view that the voters would not forgive the government if it failed to make the most of the Games.
So there you are then!
Olympic Medals won during the Beijing 2008 Olympics
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Tuesday, December 6, 2011
Olympics Budget Warning
I have warned on numerous occasions on this site about the dangers of an overrun of the Olympics "budget", eg in April 2008 I wrote the following:
"The government received a damning blow to its reputation for "financial competence" (I use that phrase with heavy irony) yesterday, when the Public Accounts Committee accused it of "wishful thinking" over the "budget" (an exaggerated term for the back of an envelope calculations) prepared by those "in charge" of the London 2012 Olympics.
The Committee warned that taxpayers may well have to pay more than the current £12BN (including £2BN running costs) estimated for the games."
It seems that others are finally waking up to the dangers of an overspend on the "movable feast" of the Olympics budget.
A report criticising a number of key aspects of the organisation of Olympics (including its budget), compiled by the National Audit Office over the last year, has been published today.
The Washington Post quotes Amyas Morse, the head of the National Audit Office:
"The government is confident that there is money available to meet known risks, but, in my view, the likelihood that the games can still be funded within the existing 9.3 billion-pound public sector funding package is so finely balanced that there is a real risk more money will be needed.”
Unfortunately, the NAO has its figures wrong. It has ignored the £2BN running costs, which put the current "budget" at £12BN.
Not a great start!
Olympic Medals won during the Beijing 2008 Olympics
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"The government received a damning blow to its reputation for "financial competence" (I use that phrase with heavy irony) yesterday, when the Public Accounts Committee accused it of "wishful thinking" over the "budget" (an exaggerated term for the back of an envelope calculations) prepared by those "in charge" of the London 2012 Olympics.
The Committee warned that taxpayers may well have to pay more than the current £12BN (including £2BN running costs) estimated for the games."
It seems that others are finally waking up to the dangers of an overspend on the "movable feast" of the Olympics budget.
A report criticising a number of key aspects of the organisation of Olympics (including its budget), compiled by the National Audit Office over the last year, has been published today.
The Washington Post quotes Amyas Morse, the head of the National Audit Office:
"The government is confident that there is money available to meet known risks, but, in my view, the likelihood that the games can still be funded within the existing 9.3 billion-pound public sector funding package is so finely balanced that there is a real risk more money will be needed.”
Unfortunately, the NAO has its figures wrong. It has ignored the £2BN running costs, which put the current "budget" at £12BN.
Not a great start!
Olympic Medals won during the Beijing 2008 Olympics
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Monday, December 5, 2011
Olympics Budget Broken Again
Unsurprisingly the "budget" for the London 2012 Olympics has yet again proven to be unreliable.
It seems that Locog (which was meant to pay for the ceremonies) can't run its operations within budget, and that "tedious" things such as security expenditure for the games have pushed it into the red.
For reasons best known to those who are regulating and "controlling" the forthcoming games, Locog is not subject to public scrutiny because it is a private company.
Surely someone should have ensured that the company that "organises" the games (whether it was private or public) was subject to public scrutiny, given that it is spending our money?
Olympic Medals won during the Beijing 2008 Olympics
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Taxpayers are having to contribute a further £41M to the £40M "budget" allocated to opening and closing ceremonies of the Olympics.
The Olympics Minister, Hugh Robertson, unconvincingly tried to use a Gordon Brown trick of describing it as an "investment".
Why do we have to pay more?The Olympics Minister, Hugh Robertson, unconvincingly tried to use a Gordon Brown trick of describing it as an "investment".
It seems that Locog (which was meant to pay for the ceremonies) can't run its operations within budget, and that "tedious" things such as security expenditure for the games have pushed it into the red.
For reasons best known to those who are regulating and "controlling" the forthcoming games, Locog is not subject to public scrutiny because it is a private company.
Surely someone should have ensured that the company that "organises" the games (whether it was private or public) was subject to public scrutiny, given that it is spending our money?
Olympic Medals won during the Beijing 2008 Olympics
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Monday, November 7, 2011
Waste!
Despite the fact that Britain is facing years of austerity, and the ongoing crisis in the Eurozone that threatens to collapse the global economy, it is "reassuring" to learn that government ministers are "investing" our taxes "wisely".
What could be a better "investment" than tickets to watch the London 2012 Olympics?
Jeremy Hunt's department for Culture, Media & Sport (DCMS) has applied for, and has been allocated, 8,846 tickets to the London 2012 Olympics.
Isn't it funny that Hunt and his cronies managed to get their full allocation of tickets, yet many ordinary citizens who applied haven't?
Anyhoo, the cost to the taxpayer of this "investment" is £750K.
I am sure that you will all agree that this is money "well spent"!
SNORT!
Olympic Medals won during the Beijing 2008 Olympics
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What could be a better "investment" than tickets to watch the London 2012 Olympics?
Jeremy Hunt's department for Culture, Media & Sport (DCMS) has applied for, and has been allocated, 8,846 tickets to the London 2012 Olympics.
Isn't it funny that Hunt and his cronies managed to get their full allocation of tickets, yet many ordinary citizens who applied haven't?
Anyhoo, the cost to the taxpayer of this "investment" is £750K.
I am sure that you will all agree that this is money "well spent"!
SNORT!
Olympic Medals won during the Beijing 2008 Olympics
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Tuesday, October 11, 2011
Stadium Deal Collapses
West Ham United's deal to take over the Olympic Stadium in Stratford has collapsed.
The stadium will remain in public ownership after the games, and be leased out to a tenant following a new tender process.
The cost of transforming it after the 2012 Games will be met by the Olympic Park Legacy Company (OPLC).
Olympic Medals won during the Beijing 2008 Olympics
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The stadium will remain in public ownership after the games, and be leased out to a tenant following a new tender process.
The cost of transforming it after the 2012 Games will be met by the Olympic Park Legacy Company (OPLC).
Olympic Medals won during the Beijing 2008 Olympics
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Thursday, September 15, 2011
Pillock
Culture Secretary Jeremy Hunt sis so convinced that the London 2012 Olympics will remain within his view of what the budget is (£9BN), that he intends to spend £300M of that money on something else.
On what?
Telling Londoners to leave London and go on holiday in the UK!
Aside from the fact that is is a completely absurd waste of money, Hunt is rather deluding himself about the budget:
1 The current "budget" is in fact £12BN (if you include the running costs).
2 The original budget was around £3BN (£12BN is hardly "within budget" is it?).
3 We are in a recession.
This is a totally daft idea, and a scandalous waste of money!
Olympic Medals won during the Beijing 2008 Olympics
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On what?
Telling Londoners to leave London and go on holiday in the UK!
Aside from the fact that is is a completely absurd waste of money, Hunt is rather deluding himself about the budget:
1 The current "budget" is in fact £12BN (if you include the running costs).
2 The original budget was around £3BN (£12BN is hardly "within budget" is it?).
3 We are in a recession.
This is a totally daft idea, and a scandalous waste of money!
Olympic Medals won during the Beijing 2008 Olympics
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Wednesday, September 14, 2011
Tube Workers Bribed
The Olympic organisers, ever keen to present the world with the impression that London is capable of hosting the 2012 Olympics, has come up with a terrific wheeze to ensure that comrade Bob Crow and his lackeys don't spoil the party by refusing to run the Tube beyond its normal closing time of around midnight-1:00AM.
The solution?
Simple, bribe the staff!
Drivers will receive a payment of at least £500 for working during the event next year. Additionally, shifts that finish after 1.30AM will attract extra payments (totalling approximately £1800).
About 3,500 Tube drivers are covered by the
agreement. LU plans to run Tubes about an hour later than normal during
the Games, on all lines, with last trains leaving central London between
1.30AM and 2AM.
This is doubtless all very "jolly". However, the key issue that has been neatly swept under the carpet is this:
Why that fuck doesn't London (a major capital city) have a Tube system that runs 24/7?
Olympic Medals won during the Beijing 2008 Olympics
Don't forget to visit www.olympicswarehouse.com
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