The Olympics

The Olympics


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Wednesday, 20 June 2007

Brown Robs Bank Accounts To Fund Olympics

The budget row over the London 2012 Olympic Games has escalated, as Gordon Brown has been accused of robbing dormant bak accounts to pay for the ever spiralling costs of the London games.

Ed Balls, Brown's Economic Secretary, was questioned by MPs on the all party Treasury select committee about how money in dormant bank and building society accounts for 15 years or more will be used when transferred to a new unclaimed assets fund.

Balls said that the estimated £400M, expected to be raised, had two key priorities which are to improve youth services and financial inclusion.

However, Tory MP Michael Fallon said that these causes should in fact receive grants from the National Lottery. Instead the National Lottery is having to provide an extra £675M towards the cost of the London Olympics.

Fallon said:

"In essence minister, you are robbing people's private accounts to pay for Olympic mismanagement."

The budget for the Games has ballooned to £12BN, and is likely to continue to rise.

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