London Olympics 'Within Budget'

The London 2012 Olympic and Paralympic Games remain "on time and within budget", a report claimed today.

Data published by the Government and Olympic Delivery Authority (ODA) confirmed anticipated final costs had risen by £21m.

This means the cost has jumped to £7.262bn from £7.241bn since the last report.

This is equivalent to an increase of 0.3% and within the £8.1bn overall budget.

According to the report, increases are the result of a reduction in the expected returns from future Stratford City land receipts that are now forecast to be lower due to the deterioration of the property market.

It also cited additional funding required for Park management and a range of additional work and increased security costs related to the development of the Olympic Village.

Olympics Minister Tessa Jowell welcomed the continuing progress.

She said: "As we enter the busiest and most exciting phase of the Olympic project so far this report shows we are still on time and still on budget.

"We have maintained our focus on helping Britain come through the recession and as the economy recovers we will not become complacent.

"We will continue to ensure that the investment in the Olympics is an investment that brings benefits to the whole of the UK now, and for many years through business, skills, sport and culture."

Olympic Delivery Authority Chairman John Armitt said 2010 would present the "toughest year".

"We are continuing to make strong progress across the project. There are however still big challenges ahead as construction accelerates across the site and the workforce peaks.

"This will be our toughest year. We take nothing for granted but I am confident that the foundations for success are now in place."

(PR/BMcC)