London Olympics ‘under budget’

2012-10-23 11:11

London – The British government says the London Olympics cost about £400 million (R5.5 billion) less than expected.

The final financial report for the Games projects that the cost will be £8.921 billion from an original budget of £9.298 billion.

Savings came from a drop in security, transport and construction costs for the Olympics and Paralympics.

As a result of those savings and the unused part of the contingency budget, £480 million is left unspent.

The government says this will cover “risks” linked to the revamping of the Olympic Park.

Olympics minister Hugh Robertson says “it is a significant achievement to deliver this large and complex programme on time and under budget”.

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