£81 Million Games Overspend
No-one will be surprised to hear that the Games have now gone £81 million over-budget, taking the total cost to £454 million. With over four years still to go and the recession still biting, who can speculate on the total cost to the public?
We’ve argued all along that large-scale ‘regeneration’ projects always go way over budget, costing the public much more than the politicians promised they would. The evidence of the London Olympics 2012, where the cost has escalated from an already enormous £3 billion to over £9 billion (and counting) hints at the disaster to come. While the overspend here won’t match that scale, watch out for further increases in the future, and remember that all this money is going towards ten days of elite spectacle – while council jobs, and local services are being run down and privatised to cover up funding ‘black holes’.