National Audit Office demands budgets & timetables for 2012 venues

Financial watchdogs at the National Audit Office are demanding a detailed timetable and budget estimates for all the Olympic venues amid fears that a lack of bidders could drive up costs.

The call comes in the NAO’s latest report on the London 2012 budget which was published this morning.

The total cost of the Games has more than doubled from £4.1bn to £9.3bn and the NAO believes the new budget figure is “sufficient to cover the estimated cost of the Games”.

But the watchdogs are worried about the level of uncertainty surrounding the showpiece venues and are demanding more details of proposed construction timetables, costs and design specifications.

MPs are concerned that the showpiece Olympic venues will not attract enough bidders to ensure healthy competition to build them.

Public accounts committee chairman Edward Leigh said: “I am concerned that areas of significant uncertainty remain. These have the potential to drive up costs.

“For example, how contractors will actually respond to the Olympic Delivery Authority’s invitations to bid for work and the terms of contracts subsequently agreed.

“Designs for the venues have yet to be finalised and their legacy use is far from certain.”