Hosting G20 summit 'will cost taxpayers £80million'

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As well as the bills for costs such as police overtime, food, hotel rooms and goodie bags for visiting dignitaries, there will also be a big knock-on effect for businesses in London, according to an economic think tank's calculations.

Foreign office minister and G20 special envoy Lord Malloch-Brown estimated the cost to the taxpayer at only £19million insisting it would be "worth it". But Douglas McWilliams, head of the Centre for Economics and Business Research, said this was a huge underestimate as it does not include the impact on the private sector.

He said: "First, transport is disrupted we estimate a cost is lost productivity from greater time spent in transport because of increased security and shut roads of £28.2 million.

"And if a fifth of the workers in central London have to go home an hour early for fear of disruption this would cost a further £24.4million." He added that the taxpayer would likely have to fork out another £10million for all the months of preparation and concluded: "It is unlikely that Londoners and the UK taxpayer will get away with a bill of much less than £80 million."

Matthew Elliott, chief executive of the TaxPayers' Alliance, said: "An incredible amount of taxpayers' money is being spent on Gordon Brown's political posturing. While he is jet-setting around, the rest of the country want genuine help such as lower taxes."

The Government has insisted that the gathering has been a "budget" summit and Lord Malloch-Brown said: "If [the summit] is the signal of restored confidence in the world economy it'll be worth every penny."