€ 13,7 billion Olympics budget

The UK's Culture Secretary Tessa Jowell has announced that the budget for the 2012 London Olympics has risen to UK£ 9,35 billion (€ 13,7 billion).

The revised budget is nearly four times the UK£ 2,4 billion (€ 3,5 billion) estimate when London's bid succeeded in 2005.

Construction costs are now estimated at UK£ 5,3 billion (€ 7,7 billion). There is now a UK£ 2,7 billion (€ 3,9 billion) “contingency fund”, plus a UK£ 840 million (€ 1,2 billion) tax bill and UK£ 600 million (€ 877 million) has been added to cover extra security costs.

The UK£ 5,3 billion (€7,7 billion) budget for the Olympic Delivery Authority (ODA) was made up of UK£ 3,1 billion (€ 4,5 billion) to build the Olympic Park and venues, UK£ 1,7 billion (€ 2,5 billion) for regeneration and infrastructure and a UK£ 500 million (€ 731 million) contingency allowance.