Could Olympic Costs Double?


Ken Livingstone will come under fire today at City Hall over growing concerns that the cost of the 2012 Olympic Games is already soaring out of control.  Conservatives on the London Assembly say they are “deeply concerned” after the head of the body responsible for preparing the Olympic site admitted the initial budget of £478million could rise to around £1billion.

In a recent interview with the Financial Times, Chair of the London Development Agency Mary Reilly said the costs of buying and decontaminating the Olympic site, and relocating more than 280 businesses could be close to £1 billion.  This is double the £478 million agreed in June 2003 by the LDA board.

“We are confident that there will be no overspend.” Ken Livingstone in the run-up to the Games

Costs could double to £1billion for preparing the Olympic site. Mary Reilly, Chair of the London Development Agency added that this was a “worse-case scenario” but it still flies in the face of comments made by Ken Livingstone in the run-up to winning the Games when he said: “We are confident that there will be no overspend.”

Conservative Olympic spokesman Angie Bray said, "It is just months since we won the Games and already Ken Livingstone is backtracking on commitments not to run over budget. We may be looking at a doubling of costs. This is deeply alarming. If they can increase this much in such a short space of time, imagine how much they will soar by 2012.

“In the run up to winning the Games the Mayor said he was 'confident' there would be no over runs. He doesn’t seem so confident now. This is why we are so deeply concerned. He needs to explain himself."

 

Story from: www.glaconervatives.com