£1bn Olympic budget may be 'inadequate'
The budget for the London Olympics – which was £2.4bn in 2005 but is now £9.3bn – could yet be overwhelmed by a "perfect storm" of soaring construction prices, plunging demand for housing and an increase in terror threats to the 2012 Games, according to a new report by a City troubleshooter. The £1bn contingency budget for the games may be "inadequate" because of increasing building costs, the credit crunch, slow security planning and delays in agreeing the Games' long-term legacy, Carphone Warehouse co-founder David Ross said.
More public money is likely to be needed to bail out the Olympic Village, while the credit crunch and the slowdown in the housing market has raised doubts over whether the sale of the site after the games will meet predictions, according to the report, commissioned by London Mayor Boris Johnson.
His report, presented to London Mayor Boris Johnson yesterday, also said Home Office plans for security at the Games were "significantly behind the rest of the planning" and could significantly increase costs and threaten the security of visitors. Mr Johnson will today outline an Olympics action plan to crack down on cost.
- 1 Man on naked bike ride gets ejected after becoming aroused
- 4 Ann Summers survey reveals the UK's favourite sex position
- 5 Ayyan Ali: Pakistan's top model now appears in the courtroom rather than on the catwalk
Man on naked bike ride gets ejected after becoming aroused
Caitlyn Jenner's mother Ester thought her daughter, formerly known as Bruce Jenner, had transitioned for money
Charles Kennedy 1959-2015: A gifted, compassionate politician whose career was cut short by the 'demon drink' - latest news
Charles Kennedy dead: A guy once asked the Lib Dem leader who his favourite Muppet was and his letter response was wonderful
Jaden Smith wears gender fluid dress to high school prom with Hunger Games actress
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Why this year's general election was the most unfair in Britain's history
£18000 - £45000 per annum: Recruitment Genius: A Sales Executive is required t...
£35000 - £40000 per annum: Recruitment Genius: Are you inspired to bring new a...
£14000 - £18000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £18000 per annum: Recruitment Genius: This company are a world leadin...