Thursday, 14 May 2009

Taxpayer Bails Out Olympic Village

Here we go cheque books at the ready, brace positions Londoners, we'll end up paying for it all. Then they'll make us pay for tickets to get into an event that the public paid for.

The Government’s latest rescue — the third in a year — amounts to a nationalisation of the 2012 construction project and leaves just £585 million for unforeseen expenses.

Ministers approved a further injection yesterday of £324 million into the village, bringing public investment in the project to £650 million. The money will come from the Government’s contingency fund which originally stood at £2.7 billion. (read more)

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