Revealing the most detailed financial breakdown of the Olympics to date, olympics minister, Tessa Jowell, yesterday maintained that the Games shouldn’t exceed £9.1bn.

Although this is three times the original estimate, Jowell said this was consistent with the figures outlined earlier this year.

“This statement shows that after a thorough assessment of all the potential risks associated with a development of this scale, the budget is consistent with the funding package I outlined in March,” she said.

“Months of careful scrutiny have confirmed the Olympic Delivery Authority (ODA) has the money it needs to deliver the venues and infrastructure for a terrific summer of sport, as well as leaving a long-term legacy for one of the most deprived parts of the country.”

The ODA base cost is £6.09bn, with a further contingency of £2bn. Policing and security costs have risen by £238m to £838m. Just £290m has been allocated to boost sports participation – something that was criticised by the Conservatives and the Paralympic Games and Look of London are set to cost £98m.

Building costs are partly to blame for rising costs, fuelled by a shortage of labour and soaring prices of raw materials like steel and glass.