Olympics ‘on time and in budget’
By Vivienne Russell | 13 June 2012
The London 2012 Olympic and Paralympic Games are set to come in almost £500m under budget, it was revealed today.
According to the government’s last quarterly economic report before the Games begin on July 27, the overall funding package remains at £9.298bn, with £476m of uncommitted contingency still available.
The final cost of the Olympic Delivery Authority’s construction and transport programme is £6.761bn, a decrease of £16m on the previous quarter. The ODA’s work is now 98% complete, but will not reach full completion until after the Games when it will need to turn the Olympic village apartments into homes.
The Olympic Park and village were transferred in January from the ODA to the London Organising Committee of the Olympic and Paralympic Games to allow them to begin preparations for the staging of the Games. Locog’s funding requirements have increased by £29m over the quarter due to minor work on the venues. The government has also given it additional funding of £19m for more stewards to improve crowd management and public information in central London.
Hugh Robertson, sport and Olympics minister, said: ‘With a matter of weeks to go until London 2012, we are in a strong place. The transformation of the previously contaminated land in the Olympic Park on time and under budget is a great success story for UK Plc.’
Culture Secretary Jeremy Hunt added: ‘With only 44 days to go before the Olympics, it is fantastic news that there is still £476m of contingency funds left. Britain has proved that not only can we put on a great show for the world to watch like, we did with the Jubilee, but that we can also deliver big construction projects on time and on budget.’