The out of control costs of the London 2012 Olympic Games will have to be met by the long suffering British taxpayers.
That at least is the view of the Commons select committee, looking into the cost overruns.
The committee has published a report that says:
"Just 18 months after winning the bid, it is clear that many of the cost figures are seriously outdated."
It went on to warn:
"If the financial pain of paying more for the Olympics is to be widely shared, it will require a contribution from the Treasury."
A revised budget is due to be announced this February.
It can be guaranteed that this will be one of many revisions upwards!
Thursday, January 25, 2007
Tuesday, January 23, 2007
Costs of London Olympics 2012 Soar
The Culture Select Committee will launch a scathing attack on the government's incompetent handling of the London 2012 Olympics tomorrow, when they will accuse the Treasury of adding £2BN to the costs.
Costs have already risen as a result of security, construction inflation and a Treasury ruling that the Olympics Development Authority must pay VAT.
However, the committee will tell the Treasury to be more willing to pay the extra costs and not insist that all the extra funding has to be found from the national lottery.
The committee will also note that the Treasury's 60% contingency fund is excessive.
The latest estimates are that the Olympics will cost £8BN. Realists argue that the costs will be more likely to hit £12BN.
One major problem with the Olympics is that is is viewed very much as being one of Tony Blair's pet projects, as such Gordon Brown is vehemently opposed to funding the games.
One thing that is clear from this, is that politicians should not be allowed to run major projects such as the Olympic Games.
Costs have already risen as a result of security, construction inflation and a Treasury ruling that the Olympics Development Authority must pay VAT.
However, the committee will tell the Treasury to be more willing to pay the extra costs and not insist that all the extra funding has to be found from the national lottery.
The committee will also note that the Treasury's 60% contingency fund is excessive.
The latest estimates are that the Olympics will cost £8BN. Realists argue that the costs will be more likely to hit £12BN.
One major problem with the Olympics is that is is viewed very much as being one of Tony Blair's pet projects, as such Gordon Brown is vehemently opposed to funding the games.
One thing that is clear from this, is that politicians should not be allowed to run major projects such as the Olympic Games.
Monday, January 22, 2007
China's Olympic Traffic Jam
Chinese media claim that Beijing's horrendous traffic situation will get worse, as the Olympics 2008 draw closer.
The official Xinhua news agency said that Beijing has more than 2,000,000 registered vehicles, and over 4,000,000 people have a drivers licence. Officials predict the number of cars will exceed 3,000,000 by the time of the 2008 Olympic Games.
The increase in cars will worsen Beijing's already chronic levels of air pollution.
The official Xinhua news agency said that Beijing has more than 2,000,000 registered vehicles, and over 4,000,000 people have a drivers licence. Officials predict the number of cars will exceed 3,000,000 by the time of the 2008 Olympic Games.
The increase in cars will worsen Beijing's already chronic levels of air pollution.
Subscribe to:
Posts (Atom)