08:30 GMT, 14 June 2012
<a href="http://s1267.photobucket.com/albums/jj559/365Wildfire/?action=view&current=frm00001-50.jpg" target="_blank"><img src="http://i1267.photobucket.com/albums/jj559/365Wildfire/frm00001-50.jpg" border="0" alt="Photobucket"></a>The Government yesterday issued a glowing report on the Olympics
coming in under budget – despite the cost being almost four times the original estimate.
Olympics Minister Hugh Robertson said it was a ‘significant achievement’ that spending on the 2012 Games
was expected to come in £476million under its £9.3billion budget.
But his boast was declared ‘disingenuous’ by critics, who pointed to the initial estimate of £2.4billion made
by the Labour Government when London won the bid in 2005.
This had ballooned to £9.325billion by 2007, leading to claims that the public was duped over the true cost –
or that an overly generous budget had been created to ensure it would not be exceeded.
Nevertheless, Mr Robertson used the final quarterly update on Olympic finances before the London Games
to say: ‘The project is in an extraordinarily good place financially.
'We are in the process of delivering the largest logistical exercise outside a major war and we have done it
on time and under budget, and that’s a fantastic calling card for this country.’
<a href="http://s1267.photobucket.com/albums/jj559/365Wildfire/?action=view&current=frm00001-50.jpg" target="_blank"><img src="http://i1267.photobucket.com/albums/jj559/365Wildfire/frm00001-50.jpg" border="0" alt="Photobucket"></a>The Government yesterday issued a glowing report on the Olympics
coming in under budget – despite the cost being almost four times the original estimate.
Olympics Minister Hugh Robertson said it was a ‘significant achievement’ that spending on the 2012 Games
was expected to come in £476million under its £9.3billion budget.
But his boast was declared ‘disingenuous’ by critics, who pointed to the initial estimate of £2.4billion made
by the Labour Government when London won the bid in 2005.
This had ballooned to £9.325billion by 2007, leading to claims that the public was duped over the true cost –
or that an overly generous budget had been created to ensure it would not be exceeded.
Nevertheless, Mr Robertson used the final quarterly update on Olympic finances before the London Games
to say: ‘The project is in an extraordinarily good place financially.
'We are in the process of delivering the largest logistical exercise outside a major war and we have done it
on time and under budget, and that’s a fantastic calling card for this country.’
