New research from the University of Oxford’s Saïd Business School has found that the budget for London’s upcoming Olympics has expanded from £4.2 billion ($6.5 billion) in the 2005 bid to £8.4 billion ($13 billion) in real terms — 107% over budget.That’s a pretty terrible figure for a major public project, but actually seems to be fairly standard for the Olympics — the average figure the summer and winter Olympics overrun over the past 50 years has been 179% on average.
The games look set to rank along Beijing, Barcelona and Montreal as the most expensive Olympics in recent years, and have also bucked a trend of less overspending in the last 10 years.
These latest figures are actually relatively conservative, by the way — another investigation argued that costs could be as high as £24 billion ($37 billion).
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