London Games: budget underspent

2012-10-24 00:00

LONDON — The London Olympics and Paralympics came in £377 million (R5,2 billion) under budget, according to government figures released yesterday.

Ministers had given the Games a total budget of £9,29 billion — nearly four times the original estimate when London’s bid won in 2005 — but the projected cost is £8,92 billion.

Sports Minister Hugh Robertson said construction and transport for the Games had cost less than expected, and that the underspend was a “conservative” estimate as some contingency funding is yet to be released.

He described organisers’ delivery of the events on budget as “a tremendous success”.

“I have no doubt that London 2012 has set a new benchmark for the management of Olympic and Paralympic Games in future.”

“The predictions that I made this summer that we could bring this project in at under £9 billion has almost certainly been met.”

The final budget was almost four times the original £2,4 billion cost estimated at the time of London’s bid for the Games in 2005.

Organisers are still in talks with the disgraced security firm G4S over how much it should repay following its failure to provide enough guards for the Games, which forced the government to draft in 4 700 troops to fill the gaps.

The company said in August that it expected to lose £50 million over the fiasco.

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.