Ken Livingstone admits he only bid for 2012 Olympics to 'ensnare' taxpayer billions to develop East End

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"I didn't bid for the Olympics because I wanted three weeks of sport," London's mayor told an election hustings.

"I bid for the Olympics because it's the only way to get the billions of pounds out of the Government to develop the East End - to clean the soil, put in the infrastructure and build the housing."

He brazenly admitted: "It's exactly how I plotted it, to ensnare the Government to put money into an area it has neglected for 30 years.

"I am delighted that there will be billions of pounds from the Government.

"That was exactly the plan. It has gone absolutely perfectly."

His confession is likely to alarm critics who have seen the taxpayers' bill for the Games rocket from £4billion to at least £9.3billion.

The Commons public accounts committee this week branded initial costings "entirely unrealistic" and based on "wishful thinking".

Ken Livingstone said he wanted the 2012 Olympics in London so the Government would spend money to re-develop the capital

MPs warned they had little confidence the spending target would not be exceeded and total costs could leap to £12billion.

London votes for its mayor on May 1 and the latest polls suggest that the race is neck and neck between Mr Livingstone for Labour and Tory candidate Boris Johnson.

It has emerged that Tony Blair and his former spin doctor Alastair Campbell have been giving informal advice to the Livingstone campaign team as Labour alarm grows at the Tory threat to its grip on City Hall.

Mr Blair once claimed that Mr Livingstone would be a 'disaster' for the capital and then expelled him from the Labour Party after he stood and won as an independent in 2000.

Despite the previous animosity, Mr Livingstone said.

"Anyone that wants to see Labour going forward and is supporting me is welcome."