LONDON, Nov. 16 (UPI) -- Britain's bill for hosting the 2012 London Olympics could reach nearly $9.5 billion due to cost overruns, it was reported Thursday.
The new figure is based on massive extra security costs, an unforeseen valued added tax bill and private Treasury predictions, the Daily Telegraph reports. The original estimate was about $6.5 billion.
A new estimate is being discussed among Olympic project managers and the government, the report said.
Opposition politicians are attacking the ruling Labor party for its handling of the Olympics project.
"This is a story of monumental incompetence," said Tory spokesman Hugh Robertson. Liberal Democrats' Don Foster said the continuing cost row is affecting confidence in the project.
Security costs estimates alone have shot up nearly eight times from the original estimate.
