The Home Office said that it had identified "significant financial savings" in the £600 million ($952 million) safety and security budget for the Olympics drawn up in 2007.

"At this stage, with almost two years before the Games begin, we estimate that it should be possible to deliver the core cross-Government safety and security programme for about £475 million ($753 million)," the·Police Minister, Nick Herbert, told MPs in a written Ministerial statement today.

The Home Office claimed that the savings would not compromise safety and another £280 million ($444 million) is being released to London 2012 to help bolster security for venues at the Games, Security Minister Baroness Neville-Jones announced today.

The money is to be used cover 2012 venues across Britain, including sports arenas that may need additional security for the Games.

It is to cover areas of security the public can see, such as fencing, perimeter searches and bag screening.

The coming year will see venues handed over to London 2012 as the organisers press ahead with test events and plans to stage the Games.

Responsibility for venue security is split between London 2012 and the Government.

Baroness Neville-Jones said the "Olympic safety and security has been prioritised".

The Olympic security figures were released to Parliament as part of the four-year police funding settlement.

This takes in Government cuts outlined in the spending review in October.

Baroness Neville-Jones' statement to the House of Lords states that safety and security for the 2012 Games is well advanced and on schedule.

Beyond the £134 million ($212 million) which will have been spent by the Home Office by the end of the current financial year, the Home Office will be providing £107 million ($170 million) in 2011/12 and £192 million ($305 million) in 2012/13.

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