Culture Secretary Tessa Jowell today published the budget for the London 2012 Olympic & Paralympic games.
Speaking in the House of Commons earlier today Ms Jowell told MPs the budget would be £9.35 billion, almost three times the original estimate, and that London would have to find almost £300 million more than previously expected.
However the Minister provided cover to Mayor of London Ken Livingstone by announcing there wouldn’t be "any further increase for London council tax payers."
In statement issued this afternoon Mr Livingstone said he had " repeatedly said that Londoners will not pay a penny more than the current 38p a week contribution on the council tax to the Olympic Games. Today’s announcement delivers that promise."
"Nor will there be any increase in transport fares to pay for the Olympic Games. And as I have said before, we can anticipate substantial profits for the public purse from land sales around the Olympic site to pay back the investment in regeneration that is being made."
Responding to the statement the One London Party said their past predictions of an eventual £10 billion budget had been vindicated.
One London’s leader Damian Hockney said his party had "made our accurate prediction based on the cost of previous games. It’s not rocket science.The only conclusion can be that the bid was pitched fraudulently low in order to fool taxpayers into supporting it."