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Olympics budget rises to £9.3bn | |
(10 minutes later) | |
Culture Secretary Tessa Jowell has told MPs the budget for the 2012 London Olympics has risen to £9.35bn. | |
She said £5.3bn would be spent on construction, compared with the initial £2.4bn budget, while a "contingency fund" would add another £2.7bn. | |
She also said a further £675m would be taken from the National Lottery funds - bringing its contribution to £2.2bn. | |
The Tories accused Ms Jowell of losing control of costs, saying the budget had trebled in less than a year. | |
She said a new agreement would be drawn up to ensure that the Lottery and other contributors would benefit from profit sharing based on rises in land values in the Olympic park area. | |
She also said that winning the Olympics had brought an extra £7bn of private sector investment to one of the most deprived areas in Europe. |