Preparations for this summer's London Olmypic Games are on track and under budget, the Government are poised to announce.

Olympics Minister Hugh Robertson has revealed that £500m of the £9.3bn budget will be left unspent.

Building work is ahead of schedule, with the long-term futures of six of the eight Olympic Park venues also confirmed.

"We are on track, on time and just under budget to deliver a great Games," said Mr Robertson told MPs on Monday.

"With 150 days to go, we will be in a position to reveal that of the original budget, £500m remains an unused contingency."

The summer event gets underway in late July.