altSEBASTAIN COE, the chairman of London 2012, and Sir Roy McNulty, the acting chairman of the Olympic Delivery Authority, have claimed that the Government's announcement about the budget for the 2012 Games gives them the chance to make progress on the project.

 

"We welcome today’s announcement of a realistic ODA budget and a prudent contingency," he said.

 

“Agreeing the budget early, over five years before the Games begin, gives us the clarity and certainty to build on the excellent progress we have already made.

 

“The Government has an ambitious regeneration vision for the LowerLeaValley, one of the most deprived areas of the country, and we are planning Games and legacy together for the first time.

 

"The Government should be congratulated for having the ambition to realise this bold vision.

 

“In building the venues and infrastructure needed for the Games we will also be building a new, brighter future for existing and future communities in East London.

 

"London 2012 will leave a new urban park, improved transport links, state of the art new sports and community facilities and thousands of new homes. We will build a legacy that lasts.”

 

Next month the ODA will set out the main milestones it will achieve by the Beijing 2008 Games next summer.

 

Coe said: "I have always believed that sport is the hidden social worker in the community. 

 

"It is a great leveller, educator and motivator. 

 

"Nothing demonstrates the inspirational power of sport better than hosting the Olympic Games and Paralympic Games. 

 

"They will be the most positive, extraordinary opportunity we have to change the face of sport and the landscape of East London. 

 

"The Games are a catalyst for thousands of new homes and jobs.  They will transform the East End of London. 

 

"They will continue to bring huge transport improvements to the whole city. 

 

"They will deliver massive investment in Stratford and they will create fantastic sports facilities for the whole of the UK.

 

"We must make the most of this opportunity for the benefit of future generations. 

 

"We welcome today’s announcement by the Olympics Minister, Tessa Jowell, which explains the investment that is being made in preparing for the Games and the investment that is being made in the regeneration of the area.

 

"It is important that these two budgets are clearly defined and understood as together they will contribute to a new, redeveloped long term legacy for London’s East End."