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| Olympics budget rises to £9.3bn | Olympics budget rises to £9.3bn |
| (10 minutes later) | |
| Culture Secretary Tessa Jowell has told MPs the budget for the 2012 London Olympics has risen to £9.35bn. | Culture Secretary Tessa Jowell has told MPs the budget for the 2012 London Olympics has risen to £9.35bn. |
| She said £5.3bn would be spent on construction, compared with the initial £2.4bn budget and there would be a £2.7bn "contingency fund". | |
| She also said a further £675m would be taken from the National Lottery funds - bringing its contribution to £2.2bn. | She also said a further £675m would be taken from the National Lottery funds - bringing its contribution to £2.2bn. |
| The Tories accused Ms Jowell of losing control of costs, saying the budget had trebled in less than a year. | The Tories accused Ms Jowell of losing control of costs, saying the budget had trebled in less than a year. |
| She said a new agreement would be drawn up to ensure that the Lottery and other contributors would benefit from profit sharing based on rises in land values in the Olympic park area. | She said a new agreement would be drawn up to ensure that the Lottery and other contributors would benefit from profit sharing based on rises in land values in the Olympic park area. |
| She also said that winning the Olympics had brought an extra £7bn of private sector investment to one of the most deprived areas in Europe. | She also said that winning the Olympics had brought an extra £7bn of private sector investment to one of the most deprived areas in Europe. |