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No extra money for 2012 - Jowell No extra money for 2012 - Jowell
(10 minutes later)
Olympics Minister Tessa Jowell has told the BBC that there will be no extra money beyond the £9.325bn already allocated to the 2012 London games.Olympics Minister Tessa Jowell has told the BBC that there will be no extra money beyond the £9.325bn already allocated to the 2012 London games.
Any overspends on Olympic projects would be balanced by scaling back spending in other areas, she said.Any overspends on Olympic projects would be balanced by scaling back spending in other areas, she said.
Earlier London mayor Boris Johnson said: "We will come in on budget and we will not waste taxpayers' money."Earlier London mayor Boris Johnson said: "We will come in on budget and we will not waste taxpayers' money."
At the time of the bid, costs were estimated at just over £4bn, but last year the budget was put at £9.325bn.At the time of the bid, costs were estimated at just over £4bn, but last year the budget was put at £9.325bn.
And the National Audit Office has warned that spending may rise further due to uncertainty of costs of security and unsigned construction contracts.And the National Audit Office has warned that spending may rise further due to uncertainty of costs of security and unsigned construction contracts.
'No more money'
But Ms Jowell told the BBC earlier: "Within the overall ceiling of £9.325bn there's no more money."
Asked if she was confident the project could be completed within that budget, she added: "The budget can not be exceeded because there is no more money.
"If we have to find more money for a particular aspect of the programme, then savings will have to be affected elsewhere and everybody involved in the programme understands that."
BBC sports editor Mihir Bose said there were already suggestions the athletes village would be scaled back and security costs might rise.
Meanwhile he said British athletes face a potential £100m shortfall in sports funding, which UK Sport had expected to come from the private sector but is proving difficult to raise because of the credit crunch. A further £500m is coming from the government and National Lottery.
The chairman of the British Olympic Association, Lord Moynihan, has called on Gordon Brown to commit the government to make up any shortfall.
Earlier Mr Johnson acknowledged that China had put on a "fantastic show" adding: "We can't muster quite as many people as the Chinese but I want people to know that I don't think anybody on the London Olympic team is remotely intimidated by what the Chinese have done.
"Wonderful though it is we are going to put on something just as fine."
Earlier the Conservative former prime minister Sir John Major said all political parties should back guaranteed, long-term National Lottery funding for grassroots sport, from where the Olympic stars of the future would come.