Cllr Feakes said "The Government must make it clear that London's Council Tax payers will not have to fund this huge shortfall."

"The original Olympic budget has been dealt a double whammy. First, the new man in charge admits costs will rise significantly, then now we're told that Treasury officials want a margin of error to be included that could raise costs by as much as 60%."

The cost of the London Olympics 2012 is to be shared between Central Government, the Lottery and London council taxpayers. There are now concerns that the original financial forecasts omitted VAT costs, did not contain sufficient contingency funding and that land acquisition and building costs are escalating.

"If these concerns are justified, it could mean another huge hit on Lewisham council tax payers or the Lottery will have to bail out the Games", said Cllr Feakes, adding, "the financing of the Games should not fall entirely on the taxpayers of London, but should be equitably distributed nationally in view of the considerable benefits which would be gained not only for London but for the United Kingdom." "We want the 2012 Olympics to be the best ever, delivered on time and to budget. It's disturbing that almost every day we hear stories of rising costs without any explanation as to why they weren't covered in the original plans."