More Olympian overspending

Yesterday's figure for the Olympic budget was £5bn (not £5b over budget as I originally wrote, for which apologies). According to the Observer, a report by the London Assembly's budget committee says the 2012 London Olympics are likely to cost £8bn. Any advance?

The £8bn figure is considerably higher than the £5bn revised budget for the event produced just last week. It is based on evidence given by official bodies and key figures involved in funding and delivering the event, such as the Olympic Development Authority. There have also been recent revelations about how the cost of providing security and regenerating London's East End for 2012 is soaring.

Tags: Olympic Games