This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/uk_politics/6453575.stm

The article has changed 13 times. There is an RSS feed of changes available.

Version 0 Version 1
London Olympics budget 'trebles' Olympics budget rises to £9.3bn
(10 minutes later)
Culture Secretary Tessa Jowell has told MPs the total construction costs of the 2012 Olympics will be £5.3bn. Culture Secretary Tessa Jowell has told MPs the budget for the 2012 London Olympics has risen to £9.35bn.
That figure compares with an initial budget of £2.4bn, and does not include a further £2.7bn "contingency fund". 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.
The Tories accuse Ms Jowell of losing control of costs, saying the budget had trebled in less than a year. She also said a further £675m would be taken from the National Lottery funds - bringing its contribution to £2.2bn.
Ms Jowell said that to met the extra costs the National Lottery would continute an extra £675m - bringing its total 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.