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The Mayor also announced a proposed maximum increase of 29 pence a week in the GLA precept for next year to pay for additional police, but said he had asked for the whole GLA Group to look for additional savings and measures to reduce the final call on Council Tax payers.

He said: “I have given a guarantee to Londoners that they will not have to pay more than 38 pence a week towards the cost of the 2012 Olympic and Paralympics Games.

"Today’s confirmation that there will be no increase in the Olympics section of the council tax demonstrates that the recent scare stories about escalating council tax bills were incorrect.

"Today is the first instalment of the guarantee that we will keep to our commitments on the council tax.  Next year there will be no increase in the 38 pence payment and my commitment is that it will remain the same the year after that and in every succeeding year.”

Design for the Olympic Aquatic Centre

The Mayor said that his budget for 2006/7 would provide the extra resources necessary to fund the full year costs of the 630 safer neighbourhood police teams that are now in place across London.

All these teams are now in place 18 months earlier than promised with more than 3,500 officers delivering very local policing for the benefit of local people.                                                                                       
Mr Livingstone said: “We have made huge progress with the implementation of neighbourhood policing.  The results and benefits for London and Londoners are clear for all to see.  Between April and October we have seen a further 7 per cent reduction in crime, with residential burglary down by nearly 8 per cent and gun crime down by over 17 per cent.”

“Polls have shown Londoners are willing to pay a modest additional price for the extra security more police bring to their neighbourhoods.  I am committing that the maximum increase in the Council tax precept this year will be 29p a week at Band D, but I have asked all the GLA Group to look for additional savings to reduce that cost still further.”

Last week a BBC London survey revealed that 79% of those questioned believed the Olympics would end up costing Londoners more than the promised 38p a week.

65 per cent thought that Londoners would end up paying for any additional costs - although a significant majority - 69 per cent - thought it should be shared equally among taxpayers around the UK.

Despite the controversy over costs, 69 per cent support London hosting the games.

Email us with your views on Olympic costs for 2012 by emailing us at yourlondon@bbc.co.uk