According to the original budget for the 2012 London Olympics, preparations for the event were set to cost approximately £2.4 billion. Later, this figure was revised to £3.3 billion. Yet even this new total will likely increase significantly. According to recent BBC reports, the true cost of the olympics will be closer to £9 billion, or almost four times more than the figure noted in the initial budget.
The 2012 organizing committee has yet to confirm this new figure, but organizers did not rule out the possibility that costs will increase. The cost of construction, however, has already gone up and could total over £3 billion on its own. Security related expenses are now also expected to top £900 million. An additional "contingency fund" amounting to £2 billion is also part of the budget.
The Tories were quick to criticize the Labour government for the increases and are holding Chancellor Gordon Brown, who signed the original budget, responsible.
The 2012 organizing committee has yet to confirm this new figure, but organizers did not rule out the possibility that costs will increase. The cost of construction, however, has already gone up and could total over £3 billion on its own. Security related expenses are now also expected to top £900 million. An additional "contingency fund" amounting to £2 billion is also part of the budget.
The Tories were quick to criticize the Labour government for the increases and are holding Chancellor Gordon Brown, who signed the original budget, responsible.
