Saturday, July 21, 2012 at 10:50 PM | | By: Febi
On this week's special edition of Counting the Cost we are focusing on what it costs to put on the greatest festival of sport on the planet, the Olympics. So what is the price tag for London's games?
Originally, money from the private sector was to pay for the games, but as the 2008 financial crisis took hold the Olympic project was bailed out costing the British tax payer £5.9bn.
The latest government report has the cost of the games on target at £9.298bn of public sector funding package. However a recent public accounts committee report warned the full cost of the games could amount to about £11bn.
As a result of the games VISA predicts an increase in consumer spending of £750m and a £5.1bn stimulus to the British Economy.
So when the last medal is handed out, will British taxpayers get the legacy they are paying for? Can the costs be justified? And will the Olympics in their entirety be a net economic gain for the UK?
We also look at the billion-pound security operation to protect the games. Not since World War II has the UK mobilised military and security forces on such a scale.
Around 13,500 troops will be deployed in the area, more than there currently are in Afghanistan. After the riots, Theresa May, the British home secretary, said 21,000 private security volunteers would now be needed. Growing security force is estimated at 24,000 to 49,000 in total.
Surface to air missiles, UAV's are all planned for use at the games over fears that the games will leave a lasting surveillance and security legacy. So, is the balance right?
Plus: The Olympic Trademark - not for sale. Why small businesses fail to benefit from Olympic fever.