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LONDON 2012 WILL BE ON TIME AND ON BUDGET

John Armitt, the new chairman of the Olympic Delivery Authority (ODA) said London 2012 will be completed on time and on budget.

"It's one of the highest profile and most complex projects in the world but it has the fundamental issue that there is only one date and therefore we don't miss that date," he said.

"The ODA's number one priority is getting it finished on time...to achieve that we have to make early and quick decisions, and I'm encouraged by everything that's gone on so far..it's clear we've had our foot on the gas and I look forward to maintaining that momentum."