There was an interesting current affairs show on the BBC early this evening on the real cost of the London Olympics. When the government made their big bid in 2005 the total budget was set at £2.4billion which the International Olympic Committee said was a ‘well thoughtout bid’ and the bill was to be met by London council taxpayers paying ‘just’ 0.38p per week each for 12 years.
Less than a year later the price had gone up by £1billion and the government started in with a lot of bogus excuses like the price of steel had doubled, when in fact it had risen by 2%. They still won’t give a new estimated final budget, they know Athens 2004 cost £9billion and with the proposed site in Stratford a wasteland that needs an incredible amount of work in the next five years, its obvious London’s games will be nearer in cost to that than £2.4billion. Bizarrely VAT tax(17.5%) which you pay on on just about everything wasn’t included on the winning bid but now the Treasury say that want their slice.
Personally I think this Labour government thinks they might lose the next election after winning the previous three, and won’t be in power to carry the can for Olympic over spends. London tax payers can just pick up the tab.
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