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London Olympics to come in £500 million under budget

London Olympics to come in £500 million under budget

Hugh Robertson, minister for sport & the Olympics, has told the UK parliament the London 2012 Olympic Games are likely to come in under budget.

“Now 96 per cent complete we remain on time and on budget with more than £500 million of uncommitted contingency remaining,” he said, “this is a good position to be in with 150 days to go and sets us up.”

In December the National Audit Office has warned it was likely the £9.3 billion budget would be exceeded.

The NAO issued its warning after the government decided to double the budget for the London 2012 Olympic and Paralympic opening ceremonies to more than £80 million. The opening ceremony for the Olympic Games, designed by Danny Boyle, will take place on July 27th.

An extra £271 million was also issued to boost security in and around the Olympic venues.

“Across the whole Games project, preparations are reaching their final stages,” added Robertson.

“Ownership of the Olympic Park and Village has been transferred from the Olympic Delivery Authority (ODA) to the London Organising Committee of the Olympic and Paralympic Games (LOCOG).

“The security and emergency services have taken part in some very visible testing exercises, and sports test events continue, most notably and recently at the Velodrome and the Aquatics Centre.”

The full London 2012 Olympic Games Quarterly Report - February 2012 can be seen here.