INDUSTRY NEWS

New Mayor wants Olympic construction savings

Boris Johnson, Mayor of London, has said he is looking to make savings from the cost of developments geared towards the 2012 Olympics.

He cited reports in the Guardian, which claimed the budget for the Olympic aquatic centre had exceeded its budget as early as 2005.

"I have been elected on a manifesto of delivering taxpayer value and that is what we will do," the paper reported he said.

He noted the public’s concern of the development’s rising costs and he pledged to follow an adapted Olympic motto: "My approach will be ‘Citius, Altius, Fortius, sed non carius’, which translates as ‘Faster, Higher, Stronger, but not more expensive’."

Development of sites across the capital is organised by the Olympic Delivery Authority board.

It is hoped much of the Games’ costs will be recouped in the sale or rental of commercial property around the Olympic Park in Stratford, East London.

Sebastian Coe, chairman of the London 2012 Organising Committee, said: "The aquatics centre will be a major venue on the Olympic Park, which will provide us with world class swimming and diving facilities for both elite athletes and community usage after the Games."

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