Olympic Delivery Authority chairman John Armitt revealed that the Olympic project budget had fallen by £29m rather than increased which was first mentioned in a recent report.
This week a report published in the Financial Times (November 10) mentioned that the Olympic costs had been said to have increased to £53m, however a letter to the editor by Mr. Armitt reveals that the report published by the daily newspaper give the readers a misleading picture of the actual Olympic budget.
The Olympic Delivery Authority Chairman explained why in his opinion a more accurate catch line to this story would have been “forecast cost of Olympic project has fallen- by £29m” Mr.Armitt mentioned that the £33m figure that the paper had quoted represented only parts of the project where there were potential increases, it hadn’t reflected the greater amount of savings made everywhere else which caused the project to decrease.
Mr. Armitt revealed that the total amount of savings raised since the start of the project have been of more than £750m. The Olympic Delivery Authority Chairman added: “there are definitely challenges ahead and we are not complacent, but with 75 per cent of the project done we are right on track to deliver one of Europe’s largest construction projects within our current budget”.
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