The public accounts committee (PAC) said that preparations, including building work, were on track, and the Olympic Delivery Authority has £1.27 billion left from a £2.75 billion contingency fund. However most of the money left has already been earmarked.

"...unforeseen problems continue to emerge to place fresh demands on the contingency," said PAC chairman Edward Leigh.

The budget for the Olympics is currently £9.325 billion, triple the original estimate.The ODA said: “[This year] will be the toughest year yet on the project as construction work accelerates and the workforce peaks.”

“The foundations for success are in place but we are in no way complacent.”