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The bill for the 2012 Olympics could exceed £9 billion, the Government admitted today, three times what it originally estimated.
In a much-delayed announcement because of disagreements in Whitehall over which departments will foot the rising costs, the Culture Secretary and Olympics Minister, Tessa Jowell, told the House of Commons that the complete cost of preparing London for the games could reach £9.3 billion.
To contend with the increasing costs, the National Lottery, which is already providing £1.5 billion towards the event, will be raided for a further £675 million. Central Government provision will rise to £6 billion.
The budget includes £3.1 billion for the building of the Olympic park and relevant infrastructure in Stratford, East London — up £800 million from the Government's early estimates — £1.7 billion in regeneration costs and a £2.7 billion contingency fund, which will be made available if costs increase further.
Originally posted by The LassQuick thoughts ... government is looking to the general election next year rather than tackling the fundamental debt problems that face the UK. It's just a borrow, borrow & borrow again budget & damn the consequences.