28 December 2006
Positive spin: London mayor Ken Livingstone
The London Olympics in 2012 will make a profit, the city’s Mayor Ken Livingstone predicted today. Mr Livingstone dismissed as “rubbish” independent estimates that have put the bill for staging the two-week sporting event as high as Â£10 billion.
Culture Secretary Tessa Jowell’s recent announcement of a Â£900 million increase in the cost of the games would be the last such hike, meaning that the total bill for the event and the subsequent regeneration of the Lea Valley would come to Â£5 billion, rather than the Â£4 billion originally estimated, he said.
Mr Livingstone told BBC Radio 4′s World at One: “I don’t have the slightest doubt that by the time you are interviewing my successor in the middle of the next decade, the Olympic Games overall will have made a profit. “I’m not sitting around saying what will happen if it costs more. My objective is to make sure that the people building it build it in time.
“Talk about Â£10 billion is rubbish. The games are going to come in, I believe – with the regeneration that we are spending in the run-up to the Games – at around Â£5 billion.
1st August 2012
Deserted London 2012: Shops, theatres and businesses all empty as visitor levels fall by a THIRD over fears of Games travel chaos.
And in Weymouth
Recently, the House of Commons’ public accounts committee revealed costs were “heading for around Â£11bn“