I am publishing today the Government Olympic Executive’s quarterly economic report, “London 2012 Olympic and Paralympic Games Quarterly Economic Report July 2009”. This report explains the latest budget position as at 30 June 2009, and outlines some of the many wider economic benefits to the UK.

The Olympic project remains on time and within budget. The overall £9.325 billion public sector funding package for the London 2012 games remains unchanged and the anticipated final cost of the Olympic Delivery Authority’s (ODA) programme is the same as it was at the end of March 2009 at £7.234 billion.

On the eve of our three years to go celebrations, the ODA continue to make good progress on the Olympic park, recently announcing that they had hit all of their ten milestones. Good progress is being made on all of the principal venues and on 16 July the ODA announced that the outer shell roof structure of the Olympic stadium had been completed just 14 months after construction started.

The report also confirms that the London 2012 games are providing business and employment opportunities around the UK in challenging times. There are now over 4,000 workers on site. Of these, 10 per cent. were previously unemployed. To date £3.5 billion worth of contracts have been directly awarded by the ODA, 98 per cent. of these to UK companies.

I would like to commend this report to the members of both Houses and thank them for their continued interest and support of the London 2012 games.

Copies of the quarterly economic report July 2009 are available at www.culture.gov.uk and will be deposited in the Libraries of both Houses.