Coe said: "I congratulate Boris Johnson on his election as Mayor of London.

 

"I know he shares in our excitement in hosting the greatest sporting event on the planet and shares our vision to leave a lasting legacy for generations to come.

 

"I look forward to working alongside Boris as the new Mayor on the Olympic Board, and we will make sure his team are brought up to speed quickly on all aspects of hosting the Games, starting with the upcoming visit of the IOC Co-ordination Commission in a fortnight's time.

 

"Ken Livingstone helped us shape a bid that convinced the International Olympic and Paralympic movements to award the 2012 Games to London .

 

"We owe much of our win to Ken's vision to use the power of sport to inspire change, particularly change in the lives of Londoners and in the physical transformation of East London ."

 

There was also praise for Livingstone from Richard Lambert, the director general of the CBI.

 

He said: "Ken Livingstone’s contribution to the capital also deserves recognition. He has fought hard for the capital, winning the Olympic Games and helping to make the City one of the most successful financial centres in the world.”

 

The CBI wants the new Mayor to focus on improving the ailing transport and infrastructure network, raising skills levels in the Capital, and ensuring the Olympic Games in 2012 are a success and deliver a lasting beneficial legacy.

 

Nigel Bourne, director of CBI London, said: "There are three huge challenges ahead for the new mayor: tackling congestion and ensuring the transport network works; working with business to raise the skill levels of the city, and making the most of the London 2012 Olympic Games.

 

"Boris's 'Backing London Business' document presents some useful ideas, now we need more detailed proposals and the right advisors to help him to take these forward.

 

"Business involvement in this process is crucial."