LONDON OLYMPICS 2012:CONSTRUCTION WORK for next summer's London Olympics is ahead of time and under budget.

Figures released yesterday show the anticipated final cost of the Olympic Delivery Authority’s (ODA) programme has fallen to €8.25 billion, down €18 million since May.

Venue and infrastructure construction for the Games is 88 per cent complete with five venues now finished, and the aquatics centre due to join them by the end of the month.

The latest developments are included in the British government’s July 2011 quarterly economic report, and have been welcomed by British Minister for Sport and the Olympics, Hugh Robertson.

He said: “With one year to go to London 2012, the Games construction is 88 per cent complete and ahead of time and under budget.

“The ODA and the people who have worked on the venues have done a remarkable job to deliver top quality facilities in a challenging environment imposed by a fixed deadline and strict budget. Despite this, they have continued to drive down costs which means we can celebrate one year to go with confidence and a real sense of excitement and expectation.”

The latest figures, which also show the overall funding package for the Games remains at €10.5 billion, mean that since the baseline budget was agreed in November 2007, €990 million in savings has been achieved by the ODA, €37 million in the last quarter.

The ODA has awarded more than 1,500 direct contracts worth over €6.8 billion during the procurement process, and they have revealed 98 per cent have gone to British-based companies with a knock-on effect for their suppliers.

Robertson said security planning for next summer’s Games would not be disrupted by this week’s resignations by London’s two top policeman over the phone-hacking scandal involving the News of the World.

On Sunday, Britain’s most senior policeman, Commissioner Paul Stephenson resigned in the face of allegations police officers had accepted money from the paper and not done enough to investigate hacking charges. Within 24 hours, Britain’s most senior counter-terrorism officer, Asst Commissioner John Yates, also quit.

Robertson said he was “absolutely happy” security planning was where it ought to be and a new commissioner would not alter plans.