When London won the bid in 2005, the budget stood at £2.4bn. This had been the figure when ministers put together the bid in 2003.
In November 2006 the budget rose to £3.3bn. Culture Secretary Tessa Jowell cited a doubling in the price of steel, and a decision to add inflation to transport costs.
In March 2007, the budget rose to £9.4bn, now including: a £2.7bn contingency fund; £1.7bn for regeneration and infrastructure; £0.6bn for security outside the site; and tax of £0.8bn.
In April 2008, Jack Lemley, the former 2012 chief, said it had always been clear that he was working to a budget of over £12bn. He said that, due to problems with the land in Stratford, the final figure may well exceed £20bn. Several MPs noted that the £9.4bn bill announced in 2007 excluded £2bn for actually staging the games; £0.7bn to buy land; and £millions to cover wider transport links, and the cost of government staff working on the Olympics.
