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London Olympics 'to come in £500m under budget' London Olympics 'to come in £476m under budget'
(about 2 hours later)
Sports minister Hugh Robertson says the London Olympics are set to come in under its £9.3bn budget with about £500m of the contingency funding left. The London Olympics are set to come in under its £9.3bn budget with £476m of the contingency funding left, according to new government figures.
He told the BBC the exact figure would be announced to Parliament later. Culture Secretary Jeremy Hunt said it was "fantastic news" that the games would be on time and under budget.
But Mr Robertson said that "all being well we should be able to hand half a billion pounds back to the Treasury". Ministers expect to be able to return the remaining money to the Treasury.
The £9.3bn budget, which included a £2bn contingency, was set in 2007 and was almost four times the estimated cost at the time London bid in 2005.The £9.3bn budget, which included a £2bn contingency, was set in 2007 and was almost four times the estimated cost at the time London bid in 2005.
The budget was revised upwards after taking into account previously overlooked costs such as VAT, increased security costs, and an expanded brief for the Olympic Delivery Authority to regenerate the lower Lea Valley area.The budget was revised upwards after taking into account previously overlooked costs such as VAT, increased security costs, and an expanded brief for the Olympic Delivery Authority to regenerate the lower Lea Valley area.
Mr Robertson said the latest figure for the Games, which begin next month, was "a great advert for the British construction industry, for sport and for UK Plc". Mr Hunt said: "Britain has proved that not only can we put on a great show for the world to watch like we did with the Jubilee but that we can also deliver big construction projects on time and on budget."
Sports minister Hugh Robertson said the latest figure for the Games, which begin next month, was "a great advert for the British construction industry, for sport and for UK Plc".