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London Olympic bill may spiral to 12 billion

London, Apr 22 : Hosting the 2012 Olympic Games could be a very expensive affair for the UK, especially as the bill could end up soaring to a whopping 12 billion pounds.

The estimated amount is already three times more than originally expected, say government officials.

MPs had first put the bill for the London Olympics at 4 billion pounds. However, this soon increased to 9.3 billon pounds, and now to 12 billion pounds.

According to the Public Accounts committee, the money also includes 2 billion pounds that will be spent for "staging costs" like hiring venues such as Wimbledon and Wembley and paying staff.

In addition to this will be the 650 million pounds that will have to be shelved out to buy the Olympic Park land.

However, Olympics minister Tessa Jowell insisted that the games would not cost more than expected.

"We are financially on track," The Sun quoted her, as saying.

Story first published: Tuesday, April 22, 2008, 13:58 [IST]
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