International Olympic Committee President Jacques Rogge has announced that London will host the 2012 Olympic Games and Paralympic Games.

The dramatic announcement was made at 1249 BST.  The news was greeted with huge cheers as thousands of people packed into Trafalgar Square in central London to watch the result live on giant video screens.  

Heather Small kick-started the party with a live performance of the bid anthem Proud, backed by singers from London community choirs.  And a spectacular flypast by the Red Arrows left a trail of red, white and blue above the crowds in central London.

London won a two-way fight with Paris by 54 votes to 50 at the IOC meeting in Singapore, after bids from Moscow, New York and Madrid were eliminated.  Paris had been favourites throughout the campaign but London's hopes were raised after an impressive presentation by Lord Coe, the bid chairman.  It will be the first time the Olympics has been held in Britain since 1948.

London 2012 Chairman Sebastian Coe said: "This is just the most fantastic. opportunity to do everything we ever dreamed of in British sport.  We have a chance over seven years and way beyond that to change the face of British sport."

Prime Minister Tony Blair called the win "a momentous day" for Britain.

Mayor of London Ken Livingstone added: "This is amazing. When we started out it was a mountain to climb, but we've had an incredible few days here.

"What came over in our presentation was giving kids the chance - it's not just about cities."

"We spent a lot of time before formally submitting our bid preparing things and we will start work on that tomorrow. We'll give the world the best Games they've ever seen."

IOC President Jacques Rogge congratulates Lord Coe