Building is ahead of schedule at lower cost

Construction work for next summer’s London Olympics is ahead of time and under budget.

Figures released yesterday show the anticipated final cost of the Olympic Delivery Authority’s programme has fallen to £7.25bn, a drop of £16m since May.

Venue and infrastructure construction for the Games is 88 per cent complete with five venues now finished and the aquatics centre due to join them by the end of the month.

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The latest developments are included in the Government’s July 2011 quarterly economic report, and have been welcomed by Minister for Sport and the Olympics, Hugh Robertson.

He said: “With one year to go to London 2012, the Games construction is 88 per cent complete and ahead of time and under budget.

“The ODA and the people who have worked on the venues have done a remarkable job to deliver top quality facilities in a challenging environment imposed by a fixed deadline and strict budget.

“Despite this, they have continued to drive down costs which means we can celebrate one year to go with confidence and a real sense of excitement and expectation.”

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The latest figures, which also show that the overall funding package for the Games remains at £9.298bn, mean that since the baseline budget was agreed in November 2007, a total of £870m in savings has been achieved by the ODA, £33m in the last quarter.

ODA chairman John Armitt said: “A world-class platform has been created for the Games and strong foundations will be left to build a lasting legacy.

“We are not complacent as we continue to work hard towards the finishing line and pass the baton to LOCOG [The London Organising Committee of the Olympic and Paralympic Games].”

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