Olympic Delivery Authority denies CLM will receive £400m for 2012 contract.

The cost of the Olympic Games is far outweighed by the regenerative effect it will have in the Thames Gateway. That was the message Olympic Delivery Authority chief executive David Higgins delivered last week at the Thames Gateway Forum.

While refusing to comment directly on the current debate on the cost of staging the Games, Higgins said: “What is the economic cost of the level of deprivation in this area?

“The Games aren’t a magic wand to change the area – however, they are the catalyst.”

He said the ODA is confident that the Olympics can be delivered at the agreed budget, adding: “Costs are not going to increase on an exponential basis.

“The review of costs post-Singapore is right and prudent. Often absent from the funding debate in recent weeks has been any focus on value. It is the value of the Games as a catalyst for addressing the existing economic and social problems in parts of east London that should be part of the current debate.”