Olympic minister 'confident' of 2012 coming in under budget

The Minister for Sport and Olympics said today that he was “confident” the entire project would come in under budget a year from now and that the progress so far has helped salvage the reputation of the British construction industry.

At the launch of the DCMS’s July quarterly report for the 2012 Games Hugh Robertson said that he believed the Games would be completed on time and on budget by July next year.

He said: “It think it’s quite extraordinary for a minister to say about such a large project and a year out from the Games.

“Back when I first walked onto the site, I didn’t think we had a chance of achieving what we have done.”

He added that the progress has helped to “salvage the reputation of the British construction industry”.

It was also revealed at the briefing this morning that the construction of the venues and infrastructure for the games in now 88% complete with the handover of the aquatics centre anticipated in the next few days in time for the 27 July one-year-to-go date. In addition, 82% of the entire programme is now finished.

The Olympic Delivery Authority (ODA) has saved £870m from the initial budget and the anticipated final cost of the ODA programme will be £7.250bn, a £16m decrease on the figure as it stood in May.

As the ODA continues with its handover to LOCOG, ODA chairman John Armitt said:  “In summary, the ODA remains on time and on budget with the big build due to complete next week.”