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Zaha Hadid鈥檚 Olympic Aquatics Centre has been labelled 鈥渙ver-designed鈥� by an influential group of MPs in the second parliamentary report on the 2012 Games within a week.

The culture, media and sport select committee report accused the Games organisers of being 鈥減repared to spend money like water鈥� and said the engagement of delivery partner CLM had played a 鈥渟ignificant part of the increase in costs鈥� to the Games.

The report, which came just a week after the public accounts committee slammed the government for the spiralling budget of the 2012 Games, expressed its alarm that the 拢303m Aquatics Centre, being built by Balfour Beatty, will be more than four times more expensive than the 2004 estimate of 拢73m.

In particular, it said the ODA鈥檚 claim that the 拢303m price-tag had not changed throughout the procurement process was 鈥渟imply incredible鈥� and called for a detailed justification of this statement.

It said: 鈥淚n our opinion, the history of the Aquatics Centre shows a risible approach to cost control and that the Games organisers seem to be prepared to spend money like water.鈥�

The nature of CLM鈥檚 engagement on the Olympics is still not fully understood, said the report, and it called for the main terms of its agreement with the ODA to be made public.

The report said: "It is important for confidence that the basis of CLM鈥檚 remuneration and incentivisation is properly understood.鈥� CLM is a joint venture between Laing O鈥橰ourke, Mace, and CH2M Hill.

The overall budget for the Games also came in for heavy criticism in this report. Analysis of the government鈥檚 figures showed that the ODA鈥檚 true contingency is around 拢1bn more than had originally been estimated.

The report said that the 拢2.74bn programme contingency previously announced excludes the contingency amount built into each project budget. The ODA has said this comes to a total of 拢973m, meaning that the total contingency is 拢3.72bn.

This new figure represents 62% of the ODA鈥檚 base costs. The report notes that the contingency announced for construction of venues for the 2010 Winter Games in Vancouver is just over 10%.

The report said: 鈥淲e would like to see a fuller explanation from Government of why the contingency level has been set so high, with reference to the costs of previous Olympic Games and comparable large construction projects.鈥�