Expecting the possibility of spending cuts of up to 30 or 40 per cent, Morton said: "The Championships is something we've identified as being strategically very important.

"The challenge with the athletics though, is really the scale of financing that is required as it will cost approximately 10 times more than London's bid for the 2014 men's and women's hockey World Cup [due to be launched tomorrow].

"There is a real desire that we can put something together for it but everything has to flow from the spending review.

"Once we know the outcome of that, I think we'll be in a much better position to make a decision."

Sport Minister Hugh Robertson has stated that with expected low funds at his disposal, the Government is unlikely to underwrite a bid for the 2015 Championships.

The event, which would most likely take place at the 2012 Olympic Stadium as part of its long-term sustainability and legacy plan, is the biggest athletics event outside the Olympic Games but could potentially leave a £25 million black hole following sponsorship and ticket sales.

However, Robertson has stated that no final decision will be made until after the CSR tomorrow.

Morton said that despite the importance of London hosting the 2015 Championships as part of its post-London 2012 sporting legacy, any bid lies at the mercy of Osborne.

Morton does not feel UK Sport's imminent merger with Sport England, which was officially announced by Culture Secretary Jeremy Hunt last week, will have any bearing on the organisation in terms of trying to bring major sporting events to the UK.

He said: "Just because there will be some changes, sport doesn't stop and if we really want to harness the power of the London 2012 Games then we have to continue our work of bringing the biggest sporting events here.

"In terms of a merger, it's very, very early days with regards to how the new body will work but it is my understanding that our function remains the same and therefore it is no big concern.

"From our perspective, we're just pursuing the real priority events at this stage, but when we know a bit more about the spending review as opposed to the merger, we'll be in a position to see just how far down our list of targets we can go.

"So right now, we are not really looking past the spending review."

Meanwhile the Youth Sport Trust, which is talking to the Department for Culture, Media and Sport (DCMS) to see how it could be brought into the new merged body, has said it believes the CSR will not change the goals of the organisation.

A spokesperson from the Youth Sport Trust said: "The country as a whole is facing the consequences of huge economic change and those of us working to deliver school sport know cuts to funding are imminent through the comprehensive spending review.

"While we have yet to learn the detail of the review, what will not change is our determination to continue using sport as a way of increasing young people's aspiration and achievement.

"The Youth Sport Trust is currently considering what level of impact any reduction in funding may have on it and the school sport network.

"We remain fully focused on improving the PE experience for every young person and will work to ensure that sport remains at the heart of school life."

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