Brown Says Expensive Olympics Will Boost London

He said the games would create not only temporary event-based jobs, but a long-term positive impact on the city's economy.

"Construction on the Olympic Park, which organisers call the largest building project in Europe, is on track to be completed ahead of schedule.

However increased venue costs have contributed to the overall Olympic budget spiralling from the initial estimate of 2.4 billion pounds ($3.9 billion) to 9.3 billion pounds.

The British taxpayer has had to step in after private funding partners for two of the biggest venues, the Olympic village and media centre, struggled to secure commercial financing in the credit crunch."