Sir Steve calls for budget solution

Brave new world: Olympic village plan
14 April 2012

Sir Steve Redgrave, Britain's outstanding Olympian, urged the government to sort out the budget for 2012 Games as Olympic chiefs arrived in London yesterday for talks.

The five-time Olympic rowing champ and London 2012 ambassador said he found frustrating the continueing controversy over the size of the budget.

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"If you were building a house or an extension you would have a budget to spend. I think the British public would prefer that," he said.

Confusion over the different budgets to pay for regeneration of East London, Games infrastructure and the organisation of the 16-day Games have created confusion that the International Olympic Committee believes could damage the reputation of the Olympic movement.

The organisational budget of £2.34 billion for the organising committee Sebastian Coe chairs, which will be met by private funds from sponsors, television and ticket sales, has not increased. But the budget for constructing Games venues and regenerating East London is waiting on a Treasury decision.

Estimates have varied from £5 billion to £10 billion in recent reports but the higher figures depends on the inclusion of VAT, a £2 billion contingency fund in case of cost over-runs and £2 billion for regeneration that would have had to be spent even in London had not won the Games.

"It is the infrastructure and the legacy costs that are going through the roof but there is the opportunity now we have won the Games to put the money in and do this properly and have a legacy bnefit that is of more use," said Sir Steve.

The Prime Minister promised the Commons during Question Time yesterday that an official budget would be known within a few weeks.

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