By Tom Degun at Downing Street in London

IOC Coordination_March_28March 28 - Prime Minister David Cameron (pictured centre) said today that creating a lasting legacy for the whole of the United Kingdom from the Olympics and Paralympics is the Government's "biggest challenge but greatest opportunity".

His statement followed a meeting with International Olympic Committee (IOC) President Jacques Rogge and London 2012 chairman Sebastian Coe at Downing Street (pictured left and right respectively).

It also came as the IOC began its last Coordination Commission to inspect preparations for London 2012 during a three-day visit due to conclude this Friday.

The Prime Minister hosted the high profile meeting, which was also attended by International Paralympic Committee (IPC) President Sir Philip Craven; Denis Oswald, the Coordination Commission chairman; Sport and Olympics Minister Hugh Robertson; and Jeremy Hunt, the Culture Secretary.

The meeting concluded with a Games-related press conference in which Cameron highlighted the legacy benefits for the UK London 2012 could bring.

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"Legacy has been built into the DNA of London 2012," stressed the Prime Minister.

"But by definition, of course, the true legacy of London 2012 lies in the future.

"Though much has been done, I am acutely aware that the drive to embed and secure the benefits of London 2012 is still to come.

"That is our biggest challenge.

"It's also our greatest opportunity.

"Our legacy plans are more advanced than [those of] any previous Olympic host city.

"There is no complacency among Games organisers and there remains a huge amount to deliver before the Opening Ceremony on July 27.

"But, as the IOC President makes clear, the UK is setting the international legacy standard for all other bidding cities.

"Ninety-four per cent of London 2012 contracts have been won by UK businesses, adding £900 million ($1.4 billion/€1.08 billion) to the economy.

"In addition, a £3 billion ($2 billion/€2.2 billion) economic boost is expected in the years after London 2012 through domestic and global tourism campaigns, and Games-related trade and investment activity.

"All of this will be anchored by the new cross-Government GREAT advertising and marketing activity, which 90 million people will see worldwide during the campaign."

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Cameron also used the opportunity to host a reception in Downing Street (pictured) for young people involved in the Sainsbury's School Games, which will debut at the Olympic Park in May.

The reception was attended by The Princess Royal, an IOC member, while the Youth Sport Trust, organiser of the event, announced the Sainsbury's School Games Ambassadors as Olympic champions Denise Lewis, Darren Campbell and Jason Gardener  along with double Paralympic champion Ellie Simmonds.

"I believe the Sainsbury's School Games will provide the young competitors with a fantastic opportunity to taste what it is like to compete at the highest level at a multi-sport event," Cameron said.

"Competing in some of the Olympic venues before London 2012 is something most young people can only dream of."

The IOC President was also full of praise for the London 2012 organisation.

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"We are confident we will have a great Games here in London," he said.

"The proof of the pudding is in the eating, and we will not know for sure until the conclusion of the Paralympics – and not before then.

"But we are very confident following the excellent work that has been done and we are a happy IOC."

Now that preparations for the Games are almost complete, Coe stressed that his key focus is now on creating a tangible legacy from this summer's Games.

"London 2012 will be a summer of sport and a celebration like no other – but it will only be the start of the journey," he said.

"My dream is that millions of young people, here and overseas, will witness the achievements of the finest sportspeople on the planet and be inspired to take up sport for themselves."

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