The Olympic Delivery Authority will have to reduce its budget by £27M this year, the Government has confirmed. But Lord Shutt of Greetland, for culture ministers, said this was “less than 2%” of this year’s £1.7bn budget.
Further details would be published next month in the Culture Department’s quarterly economic report on the London 2012 Olympic and Paralympic Games, said the Lords deputy chief whip.
The Lib Dem peer, opening a Lords debate on preparations for the 2012 Games, said the ODA had “managed their resources extremely well” in a difficult economic environment.
Lord Shutt said the ODA had realised over £600M of savings throughout the programme, including £130M in the last quarter alone.
He told peers: “The Government is committed to deliver a successful Games in 2012 and the preparation of the 2012 Games cannot be immune from the need to reduce the budget deficit.”
The minister said the preparations were “on track to be a nationwide cultural and sporting celebration, unrivalled in a generation”. The construction of the Olympic Park and sporting venues remained “on time and on budget”.
More than 54% of the ODA’s programme was now complete, said Lord Shutt, and work on the stadium was expected to be completed by spring of next year.