London: Cha-Ching for 2012 Olympics Budget

Photo courtesy of tompagenet

They still have five years, but London’s bank account for the 2012 Olympic Games is soaring.

Today, in a controversial move, Culture Secretary Tessa Jowell decreed the Olympic budget tripled. The budget now rings in at £9.32 billion (about US$18.3 billion) up from an earlier £2.4 billion. This money will pay for security and site construction, among other projects. The Conservative Party is opposing the increase, complaining that money used up for the games essentially defunds other smaller government programs. The Mayor of London agrees. For now, it’s up to Jowell to keep the torch alive.

If you plan to wave your country’s flag in 2012, check out the London 2012 blog for announcements or register to help out when the flame’s finally ignited.