Last week's Commons statement on the latest 2012 Olympics "budget" was a grisly classic.
Everybody realises Tess's pretty little head knows nothing of finance, yet she was forced to squirm and stumble her way though a whole stack of numbers she clearly couldn't fathom. It was painful to watch. Made even more painful by Jack Straw next to her constantly looking away and sticking his tongue firmly in his cheek (at least I assume that's what he was doing... unless he's keeping a small but lively reptile in his mouth).
I was going to blog it, but most of it had been leaked weeks ago. So instead I've clipped a couple of minutes of video from her statement, and added a summary and comments to that. It should serve as an infuriating reference against which we can calibrate the additional overspend still to come. Long after Tess has wibbled off to join the other members of the NuLabour undead.
Just to summarise, the total 2012 bill for taxpayers is now officially put £9.3bn- made up as set out in the vid:
- General taxation- £6bn
- London Council Tax- £1bn (if not tax now, then tax later when the IOUs have to be paid)
- Lottery tax- £2.2bn (lottery tax? what else would you call the money creamed off from the fair prize pool?)
As we blogged here, the recent NAO report confirmed the orginal budget was little more than a fag packet, but just for comparison, here's their summary of how it was supposed to work: