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| Final 2012 Games budget to be set | Final 2012 Games budget to be set |
| (40 minutes later) | |
| Details of the final budget for the 2012 Olympics in London are to be announced by the government amid fears costs have spiralled out of control. | Details of the final budget for the 2012 Olympics in London are to be announced by the government amid fears costs have spiralled out of control. |
| The original estimate for hosting the games and regenerating the area was put at £3.4bn - in November organisers said this figure would rise to £5bn. | The original estimate for hosting the games and regenerating the area was put at £3.4bn - in November organisers said this figure would rise to £5bn. |
| In January a report by MPs criticised the government's handling of the project's finances. | In January a report by MPs criticised the government's handling of the project's finances. |
| Culture Secretary Tessa Jowell is to make the announcement in the Commons. | Culture Secretary Tessa Jowell is to make the announcement in the Commons. |
| Realistic budget | Realistic budget |
| Last week the Commons Public Accounts Committee was told that question marks remained over the security budget and the contingency fund which the government is insisting on. | Last week the Commons Public Accounts Committee was told that question marks remained over the security budget and the contingency fund which the government is insisting on. |
| There have also been fears that money may be siphoned off from the National Lottery to make up any shortfall of cash. | There have also been fears that money may be siphoned off from the National Lottery to make up any shortfall of cash. |
| The Local Government Association (LGA) has warned the costs must not fall "disproportionately" on London council tax payers and that the final budget must be realistic. | The Local Government Association (LGA) has warned the costs must not fall "disproportionately" on London council tax payers and that the final budget must be realistic. |
| Chris White, chairman of the LGA culture, sport and tourism board, added: "The government has a very tough decision to make over the future funding of the games and councils will be keeping a close eye on the impact... on charities and voluntary groups." |