"The PAC report has been prepared without consultation with G4S and sadly contains a number of inaccurate assumptions in relation to the costs and provision of the security workforce for the London 2012 Olympic and Paralympic Games.

"G4S was awarded a contract to provide security in December 2010. Initial estimates of the security workforce requirement provided the basis on which G4S bid for the contract at the time. In August 2011 LOCOG substantially increased its requirement which resulted in a larger workforce being required. G4S was asked to submit a revised proposal to satisfy this requirement. This new proposal was approved in December 2011 and will result in a combined workforce of approximately 23,700 people; around 10,000 being recruited by G4S.

"Our revised proposal has been subject to significant Government scrutiny to ensure value for money. We have been absolutely transparent with LOCOG, the Home Office and all other stakeholders at all stages of the process for agreeing the increased security workforce requirements. The revised contract which has been agreed offers significantly better terms to LOCOG and incentivises G4S to save money.

"It is disappointing that the spirit of co-operation and openness demonstrated by LOCOG and G4S throughout the security workforce negotiations has been so badly misrepresented by the PAC. We remain determined to help provide a safe and secure London 2012 Olympic and Paralympic Games.”