Magazine article Public Finance

Treasury 'Should Cover' Olympic Overspend Bill

Magazine article Public Finance

Treasury 'Should Cover' Olympic Overspend Bill

Article excerpt

Treasury ministers will continue to monitor closely the cost of the Olympic Games, but have not committed themselves to covering unaccounted rises, officials confirmed this week.

Pressure is mounting on Chancellor Gordon Brown to cover the £900m increase in the project's cost since the government's first estimate, amid concerns that responsibility for any further rises will fall disproportionately on London taxpayers and National Lottery coffers.

A Treasury spokesman said: 'We're working closely with Department for Culture, Media and Sport officials to review, continually, the cost of the project, and [ministers are] still considering the options.'

The Commons' culture, media and sport select committee published its update on the cost and legacy of the London 2012 Olympics project on January 24. The MPs urged the Treasury to cover the 'significant' £900m rise to date by spreading the cost across UK taxpayers. …

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