Olympic & Paralympic Games £377 Million Under Budget
October 24, 2012
It emerged yesterday that the 2012 Olympic Games in London cost almost £400 million less than expected. Government sources announced that the total budget for both Olympic and Paralympic Games was £9.29 billion, allergy but was delivered for significantly less.
Sports minister Hugh Robertson said: “London 2012 was a tremendous success and it is a significant achievement to deliver this large and complex programme on time and under budget.”
As well as the £377 million which was untouched, allergy | a contingency budget of over £100 million also went unspent. The under spend has been attributed to a drop in security, transportation and construction costs.
The final £9.29 billion budget was itself a major increase on the budget stated in 2005, when the Games were awarded to London. The overall cost went up due to the overlooking of VAT and an increase in security costs.