London 2012 Olympic Games: Select Committee report criticises handling of finances

The doom-mongers have been saying it all along and now a select committee of MPs has passed its damning verdict on the state of financing for the London Olympics. The spiralling costs should have been foreseen, says the report,and the contingency fund being proposed could amount to an "open cheque". However, there is some good news for Londoners as the report recommends no further increase in our council tax and it also says organisers should not seek more Lottery cash. There was also some comfort for the 2012 organisers, the report concludes that London will produce a great Olympics, but more needs to be done quickly to achieve all the potential benefits.

ITN Source | January 24, 2007