Olympics ‘may go over budget’

POLITICIANS have expressed fears the 2012 Olympics may go over budget and said it was “staggering” initial estimates about security costs were so wrong.

A report by MPs on the Commons public accounts committee also raised concerns about the legacy of the Games and warned London’s Olympic Stadium must not become a white elephant. The government, however, says it is confident the Games will come in under budget.

Margaret Hodge, chair of the public accounts committee, said: “The £9.3 billion public-sector funding package is close to being used up and we are concerned about whether the running of the Games will be held within budget.

“Taking into account costs outside the package, the full cost to the public of the Games and legacy projects is already heading for around £11bn.

“We are particularly concerned about the significant increases in the security bill.”