The Olympic Delivery Authority (ODA) has confirmed construction on venues for the Olympic Games is now 88 per cent complete.
Revealing its quarterly report into the status of the project, the ODA also said it has reduced its costs by a further £16 million.
The savings saw the anticipated final cost of the construction programme drop from £7.266 billion in May to £7.25 billion now.
The total budget – including security and other costs – will be closer to £9.3 billion.
The ODA said five venues on the Olympic Park are now finished, with the Aquatic Centre to be completed and unveiled later this month.
In total £870 million in savings have been achieved by the ODA since the November 2007 baseline budget was agreed, including £33 million in the last quarter.
Minister for sport and the Olympics, Hugh Robertson, said: “With one year to go to London 2012 the Games construction is 88 per cent complete and ahead of time and under budget.
“The ODA and the people who have worked on the venues have done a remarkable job to deliver top quality facilities in a challenging environment imposed by a fixed deadline and strict budget.
“Despite this they have continued to drive down costs which means we can celebrate one year to go with confidence and a real sense of excitement and expectation.”
Also in the UK today, City.Mobi is celebrating the success of its new guide to London.
City.Mobi offers the most comprehensive mobile travel guides available, with over 800 cities in 200 countries listed. Each is developed by the City.Mobi team to combine into a single global travel directory.
London.Mobi is the latest in this illustrious line up, offering click to call functionality – which means no scribbling down telephone numbers.
Most entries are also linked to websites where users can quickly access more detailed information if needed.
Other key features include information on accommodation, restaurants, attractions, entertainment, nightlife, shopping, and transport.
City.Mobi guides include user reviews and traveller utilities such as a translation guide, currency converter, news and local weather guide.