This morning the Times quotes "an Olympic source" as saying that when the original budget was announced the project was at “laboratory stage”. He added: “Now we have living, breathing Games and we have had to look at all the options open to us in terms of regeneration.”
He's talking about why the organisers are asking for another £1.5bn...or, what the hell...make that £2bn. Oh, and while we're at it, we need to more than double the security budget to around £0.5bn.
The excuses are:
- Regeneration- according to finance expert Tess Jowell, the Olympics project “could now lead to the regeneration of a large part of London. We are talking about 40,000 homes for 100,000 people and we hope 30,000 new jobs. We will have schools and medical facilities. Our whole approach has been maximising the value of regeneration.” The organisers have found the sweet spot- if they wibble enough about installing infrastructure for a shining New Labour legacy city, they will be inundated with dosh
- 7/7- obviously before 7/7 there was no way the original bid could have anticipated the Games might be vulnerable to terrorism (certainly the ludicrous Sir Ian Blair didn't know)
So just to recap, the original headline figure that Blair, Jowell et al assured us was the rigorously budgeted total final figure, was £2.375bn. Er, well...plus a few incidentals they didn't feel necessary to headline. Which came to...er...£11.4bn (see our original blog on costings).
So let me see...£2.375bn original headline number, plus £11.4bn incidentals, plus £2.5bn present budget increase. I make that £16.3bn- well on the way to our ballpark final figure of £20bn.
Why do we trust these clowns with our money again?