The National Audit Office (NAO) has issued a bleak warning about the high risk of a significant budget overrun for the 2012 London Olympics.
To regular readers this warning will come as little surprise. The current budget (£12BN, including running costs) will simply not be enough, my money is on a final cost of around £20BN.
The NAO state that the key risks are security costs, the uncertainty over the financing of the Olympic Village and a lack of a coherent plan for the legacy of the Olympic venues; ie the whole event has been put together on the back of an envelope, without any serious planning or thought about the consequences and costs.
How very Nu Labour!
The NAO doesn't mince its words and states that the official budget for the games could ultimately be "blown out of the water".
The key issue being that there is still no "fully costed" plan.
If it were not so serious, it would be laughable as to how a major event of this nature could be so badly planned and organised.
How very Nu Labour!
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