Anorak News | Olympics 2012 – A Financial Odyssey

Olympics 2012 – A Financial Odyssey

by | 10th, July 2007

london-olympics.gifWITH the original 2012 Olympic budget already trebled to a whopping £9billion, it comes as no surprise that a new report from the Public Accounts Committee is rather critical of the Government’s handling of the Games. (Pic: Beau Bo D’Or)

The public spending watchdog says the Government has left itself “financially exposed” over the Olympics and is at risk of letting costs spiral out of control.

Central to the criticism is the report’s claim that no single individual has overall responsibility for organising the Games.

Edward Leigh, the committee’s Tory chairman, points the finger at the Department for Culture, Media and Sport, which he sees as being ultimately responsible for overseeing all the relevant bodies.

Says he: “It is worrying, therefore, that strong arrangements for monitoring progress and managing risk are so far not in place.”

The Shadow Culture Secretary, Hugh Robertson, is equally concerned at the situation. “This report highlights two important areas of concern,” he says. “Firstly, the issues surrounding the coordination of the Olympic project highlight that the Government’s new reporting lines, with the Olympic executive in one department and the Olympics Minister in another, are a total shambles. London 2012 needs simple and accountable Government support structures to ensure successful delivery and these are not in place.”

With an extra £675million already plundered from the National Lottery fund to meet the rising costs of staging the Games, expect the Government’s hand to dip into the fund a few more times before the Olympic Flame is lit in East London.

Posted: 10th, July 2007 | In: Money Comment | TrackBack | Permalink