Britain would not bid for the Olympics now, minister admits

Britain would not have bid for the Olympics if it had known a recession was on the way, Olympic minister Tessa Jowell has admitted.

Speaking at a dinner in London on Tuesday night she made the frank admission as the government struggles to keep the cost of the Games under control.

She said: “Had we known what we know now, would we have bid for the Olympics? Almost certainly not.”

She did insist that the government was keeping costs under control though, reported the Daily Telegraph.

“We have taken £1.5bn of costs out of the project since we started,” she said.

The budget for the Games stands at £9.35bn and cost-cutting measures are being found all over the board.

Temporary venues to host shooting, equestrian events and basketball have been considered; while the size of the Olympic village has been scaled down.