London 2012 construction costs adding up

AAP - December 4, 2008, 5:47 am

The British government says the London Olympics would still be positive despite the huge cost.

About STG100 million ($A231.64 million) is being spent every month on construction for the 2012 London Olympics despite the economic downturn.

Olympics Minister Tessa Jowell said on Wednesday that about 64 per cent of the STG9.325 billion ($A21.6 billion) budget for the games would come from the government and 11 per cent from London taxpayers.

She said there would be no more public money available, whatever happens.

"There is no more money and, as I have said before, we are on time and on budget," Jowell said. "The budget is identified and remains the same now as it did when I made the revised budget."

Jowell said hosting the Olympics would still be a positive thing for London despite the huge cost and funding difficulties during the global financial crisis.

"The Olympics is essentially economic gold at a time of economic need," she said. "A shot in the arm for investment."