Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Olympics: no change from £9.3bn

Olympics minister Tess Jowell has published the 2012 Olympic Games second annual report, which indicates that the £9.3bn budget will not be revised, but costs for structures and buildings will have crept by £550M to 2012.

Olympics minister Tessa Jowell said: “Our financial report shows that, with a continued, disciplined search for savings and a sensible use of the contingency funds set aside to manage risks, we remain within budget despite the current economic downturn. It will not be exceeded.”

She went on to say that the Olympic Games could be: “Economic gold” in a recession.

However, accounts show the creeping costs of the major stadiums:

  • Olympic Village and Media Centre - projected costs: £492M, revised costs: £846M

  • Olympic Stadium - projected cost: £496M, revised cost: £547M

  • Aquatics Centre - projected cost: £214M, revised cost: £251M

  • Other Olympic Park venues - projected costs: £360M, revised costs: £446M

  • Other non-Olympic Park venues - projected costs: £101M, revised costs: £123M

  • Total projected costs: £1.663bn, revised costs: £2.213bn

  • Total increase: £550M

However, financial consequences for the Media Centre and Olympic Village remain: “unresolved” until deals are finalised, which is expected in the spring.

The ODA has managed to compensate for these costs hikes by making considerable savings in site preparation, transport and ‘other’ Olympic projects.

Shadow Olympics Minister Hugh Robertson said: “Although it is reassuring that the overall Olympic budget is as expected, it is a concern that the costs of the stadium keep rising.

“In a recession, with building cost inflation falling, costs should be going down not up.”

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Please note comments made online may also be published in the print edition of New Civil Engineer. Links may be included in your comments but HTML is not permitted.

Related Jobs