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Olympics could cost £9bn :eek:

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
So that's more than trebled from an initial budget of £2.35bn last year, why do I get the feeling this is going to be a monumental cock up? And we're still 5 years away I dread to think what the final figure will be...

Story.

Of course this will have to be raised by the taxpayers, I think all that celebrating when we won the olympic bid was a bit premature when you look at our track record, forget wembley forget the millennium dome this will be the ultimate blunder, i thought the olympics was supposed to boost the economy :lol: why do we put up with such incompetence? it is our money they're spending after all, well, not mine for much longer...

Comments

  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I think the French will have just cause to think they was robbed. From 'moving' promotional videos of kids who turned out not to live in Britain to wildly optimistic plans and promises, the choice of London looks shakier by the day...

    Oh dear... :D

    I for one don't want to pay for this. Though I suspect the options to that are limited... :rolleyes:

    Still, I live in London so you could say I will probably see some improvements and benefits to my home city. Spare a thought for the poor suckers who don't live in London and might end up having to pay for it.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Where will the mone be coming from?
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    For one, all Londoners are getting taxed more over the next 5 years to absorb some of the cost.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Has any Olympic project ever come in at its original cost?
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    That's true.
    But the cost is not the problem at the moment.
    It's all the politics that's going on. The fact that they haven't agreed over cost yet is just a representation of that.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I think anyone with a brain could see that £3bn was a gross under-estimate.

    The important question is whether you think the Olympics are worth it. If you do it right, like Sydney in 2000, the money you make from the additional tourism (Sydney's tourism is still booming because of the Olympics) pays for it. If you do it wrong, like Atlanta or Montreal, you're screwed.

    It'll be interesting to see what happens.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    If Wembley is anything to by, we're fucked... :D
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Has any Olympic project ever come in at its original cost?

    probably not, i think a more pertinent question is has any british construction project come in at anywhere near the estimated cost, or even on time for that matter? It wouldn't surprise me if we had to postpone the Olympics til 2014 the rate things get done in this country....

    i think £9bn is still an underestimate kermit, my point is we're only one year in and the costs have trebled.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Its more like the regeneration of Manchester, Birmingham, Tees Valley etc. Its not just the building of one big stadium, but a major regeneration project. And whilst people remember the ones that come in late and overbudget they tend to forget the others which don't...
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Also look at the extra costs - £2bn is a contigency fund (ie may not be used), £1bn is VAT (ie the Govt paying money back to itself), regeneration is £1.8bn (ie nothing to do with the Olympics per se, but using the Olympic money to make sure there are long term gains in infrastructure such as transport etc) and £900m is security (which funnily enough has gone up since the events of the day after London got the Olympics).
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    migpilot wrote: »
    For one, all Londoners are getting taxed more over the next 5 years to absorb some of the cost.

    Right... I'm out!
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Look at Wembley. Of course the figure is going to be much more than 2 billion odd. If you're willing to spend so much time and money trying to win the thing then you're going to have be willing to spend as much organising it.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Namaste wrote: »
    Right... I'm out!

    Aye but your Welsh so what's the problem?
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Yerascrote wrote: »
    Aye but your Welsh so what's the problem?

    Namaste lives in London and AFAIK shes not welsh either. The money has to come from somewhere, the easiest place being taxes. Although of couse the orginial figure was going to be way way under the actual figure. Probably by a good £10 billion as well.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Namaste lives in London and AFAIK shes not welsh either. The money has to come from somewhere, the easiest place being taxes. Although of couse the orginial figure was going to be way way under the actual figure. Probably by a good £10 billion as well.

    She is Welsh. I'm not sure, but unless Landlords are charging students as part of the Olympic tax, then I don't see any reason why she should have to pay.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    ever noticed all uk projects are the same, the initial estimated cost is never met and usually massively over budget by the end.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    pompy wrote: »
    ever noticed all uk projects are the same, the initial estimated cost is never met and usually massively over budget by the end.

    It's the same everywhere mate.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Worth every penny.

    Right up until Bin Laden drops a big one on the town...
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Yerascrote wrote: »
    It's the same everywhere mate.
    There is one exception, believe it or not. The Terminal 5 building at Heathrow (which is quite massive and no small job) is actually both on time and on budget :eek:

    But yes, generally speaking all such big projects go overbudget. It all depends by how much I guess... some projects are 25 or 50% over budget, and some by many times over.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Aladdin wrote: »
    But yes, generally speaking all such big projects go overbudget. It all depends by how much I guess... some projects are 25 or 50% over budget, and some by many times over.
    Well of course. When fighting for the construction contract, are companies going to say they can do it really affordably, or are they going to actually tell the truth?
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Kermit wrote: »
    The important question is whether you think the Olympics are worth it. If you do it right, like Sydney in 2000, the money you make from the additional tourism (Sydney's tourism is still booming because of the Olympics) pays for it. If you do it wrong, like Atlanta or Montreal, you're screwed.

    It'll be interesting to see what happens.

    I think that the key is that like Sydney, London is already a huge tourist resort anyway. I reckon it's does more good as a boost for a really popular city, rather than one of the only reasons to visit the place. I think if Manchester would've won it, the probably wouldn't have got their money back in the long run. No-one is going to pick Manchester over Paris as a tourist resort, but the Olympics could make someone choose to visit London instead of Paris.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Yerascrote wrote: »
    She is Welsh.

    Nah, she was born in Cambridgeshire, if I remember rightly.
    I'm not sure, but unless Landlords are charging students as part of the Olympic tax, then I don't see any reason why she should have to pay.

    Most taxes will go up in London because of the Olympics, and that will affect everyone.

    Personally I think that you should be allowed to choose to pay it, but since when has Commie Ken ever given a stuff about democracy?
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