14 Nov 2008

Britain wouldn't have bid for Olympics if aware of crisis

7:16 am on 14 November 2008

The British government admits it wouldn't have chosen to host the 2012 Olympics Games in London if it had anticipated the economic downturn.

Olympics minister Tessa Jowell says had they known what they now know the bid would not have gone ahead.

The slowdown is squeezing private contractors involved in the Games and the government has already cut some costs to ensure the project comes in on budget - although Jowell insists Olympic spending will help the economy.