The Culture, Media and Sport Committee today published its report on a potential London bid for the 2012 Olympic Games.
The Committee, which is chaired by the Rt Hon Gerald Kaufman MP, exists to examine the expenditure, administration and policy of the Department for Culture, Media and Sport and its associated public bodies.
Last week, it held a two-day inquiry into the proposed London bid for the 2012 Olympics, hearing evidence from all the key stakeholders including UK Sport, the British Olympic Association, the Greater London Authority and the Secretary of State for Culture, Media and Sport.
"It is clearly desirable in principle that London should host an Olympic and Paralympic Games," the report concludes. "But it should not do so at any price."
"The government must assure itself, before deciding to support a bid, that it understands what it is committing itself, London and the country as a whole to spend and to deliver."
The Committee was also unanimous in its desire to see a dedicated Olympic Minister appointed to lead the campaign, should the Government decide to back a bid at its Cabinet meeting next Thursday.
"We cannot insist strongly enough that, whatever new agencies are established, leading unequivocally from the centre should be a Minister, located in the Cabinet Office or even No.10, with an explicit cross-governmental remit and the power and personality to make things happen," the report adds.
"If we are right in interpreting the evidence of the Secretary of State to mean 2012 is indeed the last chance to host the Olympic Games in this country, the decision to be made by the cabinet next week is of fundamental importance."
The full report is available on the Parliament website, linked below.