The Mayor signed a Greater London Authority report this week which said: "London House will actively showcase London's fantastic array of artistic, cultural and business assets.

"It will portray London as the business capital of the world, a thriving centre for international firms to locate in, with a rich pool of talent."

The idea of "London House" was created for the last Olympic Games, in Beijing in 2008, when it generated numerous leads worth in excess of £10 million ($16 million).

London & Partners, the new promotional agency which includes Visit London, intends to organise a programme of activities to target investors, tourism agencies and higher education representatives from target markets, with London House becoming a key central facility for the organisation's seminars and receptions.

The report says that City Hall "will be furnished and dressed to showcase the most creative and cutting edge aspects of the city – in terms of design, business, and creative industries".

Johnson has confirmed that £80,000 ($130,000) will be spent on the project, for which sponsorship will also be sought.

And the venue is next to an Olympic "live site" which will be displaying action during the Games on big screens.

Meanwhile, a report from the London Assembly Transport Committee suggests that transport in the immediate vicinty of City Hall will come under pressure during the event.

"London Bridge Station currently receives around 300,000 passengers per day," the report said.

"This could increase by 50 per cent during the 2012 games with an estimated 150,000 extra people using it each day.

"Network Rail is planning to redevelop London Bridge station to increase capacity and enhance passenger flows.

"However, this will not happen until 2018 – six years after the 2012 Games.

"In stations such as Bank and London Bridge, effective crowd control will be imperative in summer 2012."

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