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| Olympics budget rises to £9.3bn | Olympics budget rises to £9.3bn |
| (about 1 hour later) | |
| The budget for the 2012 London Olympics has risen to £9.35bn, Culture Secretary Tessa Jowell has told MPs. | The budget for the 2012 London Olympics has risen to £9.35bn, Culture Secretary Tessa Jowell has told MPs. |
| The revised budget is nearly four times the £2.4bn estimate when London's bid succeeded less than two years ago. | The revised budget is nearly four times the £2.4bn estimate when London's bid succeeded less than two years ago. |
| Construction costs are now estimated at £5.3bn, there is a £2.7bn "contingency fund", plus an £840m tax bill and £600m more to cover heightened security. | Construction costs are now estimated at £5.3bn, there is a £2.7bn "contingency fund", plus an £840m tax bill and £600m more to cover heightened security. |
| The Tories said she had lost control of costs and attacked her decision to take a further £675m from lottery funds. | The Tories said she had lost control of costs and attacked her decision to take a further £675m from lottery funds. |
| THE NEW BUDGET £3.1bn: Site construction£1.7bn: Regeneration and infrastructure£2.7bn: Programme contingency £840m: ODA tax bill£600m: Extra security£390m: Non-ODA provision | THE NEW BUDGET £3.1bn: Site construction£1.7bn: Regeneration and infrastructure£2.7bn: Programme contingency £840m: ODA tax bill£600m: Extra security£390m: Non-ODA provision |
| The £5.3bn budget for the Olympic Delivery Authority was made up of £3.1bn to build the Olympic Park and venues, £1.7bn for regeneration and infrastructure and a £500m contingency allowance. | The £5.3bn budget for the Olympic Delivery Authority was made up of £3.1bn to build the Olympic Park and venues, £1.7bn for regeneration and infrastructure and a £500m contingency allowance. |
| She said the contingency fund of £2.7bn which would only be drawn upon in "very tight conditions". | She said the contingency fund of £2.7bn which would only be drawn upon in "very tight conditions". |
| Another £600m had been allocated for "wider security" outside the site, and £390m for other costs including the Paralympics and community sports coaches. | Another £600m had been allocated for "wider security" outside the site, and £390m for other costs including the Paralympics and community sports coaches. |
| 'Huge financial gain' | 'Huge financial gain' |
| The government's contribution has risen to £6bn, she said - the rest will be met from London's council tax payers and the National Lottery. | |
| Ms Jowell responded to criticism of taking more from lottery good causes by saying the Lottery would benefit from profit sharing based on rises in land values in the Olympic park area. | Ms Jowell responded to criticism of taking more from lottery good causes by saying the Lottery would benefit from profit sharing based on rises in land values in the Olympic park area. |
| The budget for which the government is responsible has nearly trebled since the Olympic Bill left Parliament under a year ago Hugh RobertsonConservative spokesman No tax rise, says mayor Send us your comments | The budget for which the government is responsible has nearly trebled since the Olympic Bill left Parliament under a year ago Hugh RobertsonConservative spokesman No tax rise, says mayor Send us your comments |
| "London 2012 will bring huge financial gain to the whole country ... and it is only fair that the Lottery good causes should share in any such windfall," she told MPs. | "London 2012 will bring huge financial gain to the whole country ... and it is only fair that the Lottery good causes should share in any such windfall," she told MPs. |
| "I am determined to ensure that this temporary diversion from the existing good causes to the Olympic good cause is done with the least possible disruption." | "I am determined to ensure that this temporary diversion from the existing good causes to the Olympic good cause is done with the least possible disruption." |
| London Mayor Ken Livingstone has also pledged to contribute an extra £300m, she said - but the money would not be funded from London's council tax, nor higher transport fares. | London Mayor Ken Livingstone has also pledged to contribute an extra £300m, she said - but the money would not be funded from London's council tax, nor higher transport fares. |
| 'Trebled' | 'Trebled' |
| Winning the Olympics had brought an extra £7bn of private sector investment to one of the most deprived areas in Europe, Ms Jowell said. | Winning the Olympics had brought an extra £7bn of private sector investment to one of the most deprived areas in Europe, Ms Jowell said. |
| "The announcement today means it's full steam ahead for 2012," she added. | "The announcement today means it's full steam ahead for 2012," she added. |
| But for the Conservatives, the shadow Olympics minister Hugh Robertson said: "If you add together all the separate parts, the budget for which the government is responsible has nearly trebled since the Olympic Bill left Parliament under a year ago. | But for the Conservatives, the shadow Olympics minister Hugh Robertson said: "If you add together all the separate parts, the budget for which the government is responsible has nearly trebled since the Olympic Bill left Parliament under a year ago. |
| Properly managed, the 2012 Games will bring huge and lasting benefits to all parts of the country Don Foster MP | Properly managed, the 2012 Games will bring huge and lasting benefits to all parts of the country Don Foster MP |
| "In raiding the Lottery for a further £675m to make up the shortfall the government will penalise precisely the clubs and small organisations, up and down the country, that were supposed to benefit from the Olympics." | "In raiding the Lottery for a further £675m to make up the shortfall the government will penalise precisely the clubs and small organisations, up and down the country, that were supposed to benefit from the Olympics." |
| For the Lib Dems, Don Foster MP said: "Properly managed, the 2012 Games will bring huge and lasting benefits to all parts of the country. | For the Lib Dems, Don Foster MP said: "Properly managed, the 2012 Games will bring huge and lasting benefits to all parts of the country. |
| "But sadly today's statement and the chaos that has surrounded the last 12 months and more, calls into question the government's ability to provide that proper management." | "But sadly today's statement and the chaos that has surrounded the last 12 months and more, calls into question the government's ability to provide that proper management." |
| He said the plans to take more money from the National Lottery equated to a cut of £1m to every constituency in the country. | He said the plans to take more money from the National Lottery equated to a cut of £1m to every constituency in the country. |