The Mayor of London dismisses as “rubbish” claims that bill will rise to £10bn and says games will make a profit

Ken Livingstone has dismissed claims that the bill for the London Olympics could be as high as £10bn.

Speaking on Radio 4, the Mayor of London said the £900m increase announced by culture secretary Tessa Jowell would be the last rise and the total bill, including the regeneration of the Lee Valley, would come to £5bn. He dismissed as “rubbish” claims that the figure would be as high as £10bn.

He also said that by the middle of the next decade, overall the Olympics would have made a profit.

Earlier this week, Lord Coe, chairman of the organising committee, said the Olympic organisers were working closely with government to make sure issues over the funding of the games were resolved in 2007.