Warning No More Public Money is Available for London Olympic 2012

About 100 million pounds (C$186.4 million) is being spent every month on construction for the 2012 London Olympics despite the economic downturn.

Olympics Minister Tessa Jowell said Wednesday that about 64 per cent of the 9.325 billion-pound (C$17.4 billion) budget for the Games will come from the government and 11 per cent from London taxpayers. She said there will be no more public money available, whatever happens.

“There is no more money and, as I have said before, we are on time and on budget,” Jowell said. “The budget is identified and remains the same now as it did when I made the revised budget.”

Jowell said that hosting the Olympics is still be a positive thing for London despite the huge cost and funding difficulties during the global financial crisis.

“The Olympics is essentially economic gold at a time of economic need,” she said. “A shot in the arm for investment.”