Interesting to hear Seb Coe today say that the project is running to plan - or even slightly ahead. This carefully covered the fact that there is a fund to cover cost overruns - that is, in simple terms, errors made resulting in an underestimate of the costs. The amount set aside for this is £3 billion - and it was also announced today that all of this fund will be used. There are still five years to go, and much construction yet to undertaken. So how do we know that this £3 billion is the "bottom line"? And is the amount of this fund included in the overall budget? If not, the costs will clear £15 billion - and then the next target will be £20 billion....
Hold on to your hats - it's going to be a rough ride!
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