Boris Johnson today promised Londoners they will not pay "a penny more" for the 2012 Olympics despite the current banking crisis.

He was backed by Olympics minister Tessa Jowell, who said any potential overspend would result in plans being scaled down.

London organising committee Locog has already cut back its original plans and has vowed to offer a Games to rival Beijing on a fraction of the Chinese budget. Mr Johnson said: "People are feeling the squeeze. This makes it all the more vital that we deliver an Olympic Games that is on budget.

"We're going to do that. We are not going to go over £9.3 billion, and I am absolutely certain Londoners will not have to pay extra penny more towards the Olympics from their taxes."

The Mayor is in Beijing to pick up the Paralympics flag today, continuing London's countdown to 2012.

While in the Chinese capital, Mr Johnson has met members of the ParalympicsGB team and pledged top quality facilities for the Paralympians competing in London in 2012.

He said: "It would be nothing short of a disgrace if the 2012 Games were less accessible than those we have witnessed here in Beijing so we must listen to any concerns that arise as we continue our planning and building. Accessibility in 2012 is not an optional extra, it must be at the centre of our work."

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