The Economix blog at the NYT takes a look at the economic benefit of the Olympics. Check it out!
Over the coming months, the media will relentlessly ask questions about the economic benefits, when there are so many other pressing economic and social challenges.
Personally, I fear that it will be an increasingly challenging time for UK Prime Minister, David Cameron and Chancellor George Osborne. I sense that London Mayor, Boris Johnson, will gain a political bounce. Perhaps, backbench Tory MPs will press for a change of leadership?
What do you think?
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There never was going to be an Olympic Bounce because the purpose of the Olympics was to have a giant project which would enable a few people to profit.
So far, it has cost £20 billion gbp and the number of visitors to London is down 200,000 from what it would normally have been.
Hotels are virtually empty, department store takings are down, Lord Lloyd Webber has shut three of his theatres down until further notice, restauranteurs are suffering, 50% of the Black cab drivers are on holiday and nationally disposable monthly income for an average family of four is now under £97 gbp with rising fuel prices imminent.
The original estimate for the Olympics was £2.9 billion gbp, then Gordon Brown told us that the VAT had not been figured into the equation.
The costs have continued to rise to 6 times the original estimate and we have not seen any accounts since these were promised “after the Games”.
The Arab Sheikh owner of the Olympic Village has already said he will not sell until at least 2014 because the conditions are not right so estimates of a £25 billion gbp economic legacy will not materialise either.
The Paraplegic Games will not do the job either, so what we are then left with is a Trade Gap of £5.4 billion gbp a month, no Olympic legacy and a Government which does not know what to do and which keeps on doing things against the interests of ordinary people.
John, many thanks for sharing your views. I look forward to when the Public Accounts Committee (PAC) is able to share its views on the Olympics.