£1bn savings on Olympics venues 'will be swallowed up by security costs'

The Olympics Minister unveiled the most detailed costings yet for the 2012 games following criticism last month from MPs that she had "grossly underestimated" spending.

She said she was confident the final bill would come in about £1billion under budget.

She told MPs: "Months of careful scrutiny have confirmed that the Olympics Delivery Authority has the money it needs to deliver the venues and infrastructure for a terrific summer of sport.

"The project has high levels of support and is on track."

Experts at the Department for Culture, Media and Sport found there was an 80 per cent chance the ODA, which is building the games venues, would spend only £7billion of its £8.1billion allocation.

However, the additional £1.2billion set aside for security and other costs may need to be boosted.

Mrs Jowell revealed the main stadium will cost £496million.

Some £574million will be spent on other facilities such as the aquatic centre and cycling velodrome, while £101million will go on facilities outside Stratford such as a white-water canoeing venue in Hertfordshire.

Tory Olympics spokesman Hugh Robertson said the statement fell short of a full and open budget.

He added: "The obvious omission is any mention of the mass participation sports legacy which was the key commitment in the London 2012 bid but, as yet, remains uncosted and unfulfilled."