A report form the National Audit Office today warns that the costs of the already over-budget Olympic Games could increase further. Funding of Olympic venues, construction price inflation and the Olympic Park were areas the NAO highlighted as leading to possible increasing costs. At £9.3 billion, the 2012 Olympics is already well over the original £2.4 billion estimate.
Although the Chairman of the NAO says the Games are on a “firmer” financial footing, as always we have to be sceptical about government’s ability to rein in spending. Already raiding Lottery funds meant for good causes and charities, the government didn’t hesitate to plunder extra sources to fund its own incompetence. With a contingency fund there too, what incentive is there to come in under budget?
The system is designed to waste our money. In having so many contingencies, be it the specially allocated fund or Lottery money, the government can be as lackadaisical with our money as they like – there’s always more left to use up if needed. We need proper accountability of the way government spends our money with political consequences to massive overspending.