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London 2012 chairman Lord Coe is confident there will be a “very big appetite” for Olympic tickets despite the fact they go on sale just as the Government introduces some of the most drastic spending cuts in decades.

LOCOG (the London Organising Committee of the Olympic Games) is still to announce the prices of the tickets, which will be available early next year and will raise £441m towards the £2b Games operating budget.

The Government’s cuts, announced in this week’s Budget, are likely to be having a dramatic effect on the economy and people’s disposable incomes by then.

But Coe said: "We are very confident that with the ticket sign up we had a few months ago and going forward what we have been able to do regarding price and structure of the events, there will be a very big appetite.

"Ticket prices are predicated on a whole series of things: the structure of events, the flow of events – but they are predicated on the environment we are living in too."

So far the Olympic Games have been largely immune from budget cuts, with £27m taken out of the Olympic Development Authority's construction fund as part of savings from the Department of Culture, Media and Sport.

And while Coe acknowledges that there is a period of austerity ahead, he points out that the Games will have a positive economic and social impact on the country over the next two years.

"We continue to make the very strong case the Olympic Games has an economic dividend," he added.

"We have projects of £6bn of construction procurement and we go to market with £700m of business this year – these are contracts that help safe guard jobs."

Meanwhile, Games organisers have been slammed after announcing that fans who want to buy tickets or use a debit or credit card on the Olympic site will be restricted to using a Visa card because of the company’s exclusive sponsorship deal with the event.

On the official London 2012 ticket site, it says: "In recognition of Visa's support of the Olympic Games and Paralympic Games, London 2012 is proud to accept only Visa payment cards (debit, credit and prepaid), along with cash and cheques. Sponsor support is crucial to the staging of the Olympic Games and Paralympic Games and the operation of organisations throughout the Olympic Movement.

"London 2012 will also welcome cash and cheques. However, to enjoy the benefit of the quickest and easiest means of payment, see below on how to apply for a Visa card."

There are 28 million Visa cardholders in the UK compared to 40 million Mastercard and 4 million Amex cardholders – and the Office of Fair Trading has confirmed it is looking into the matter.

A statement said: "The OFT and the European Commission are aware of these issues and are currently in discussion about what action, if any, should be taken."

Peter Vicary-Smith, chief executive of Which?, added: "We think it's outrageous that some UK sports fans should be discriminated against in this way. We want the London 2012 committee to take steps to ensure there's a level playing field and that UK consumers have equal access to the Games, whether or not they are Visa cardholders. If it doesn't, we'll call on the Government to step in."

But Paul Woodmansey, a press officer for London 2012, pointed out that the exclusive arrangement with Visa was not "unusual in any way or form”.

He stated: “As a sponsor, they gain exclusivity in their sector. This has been the situation since [the Olympics in] Seoul in 1988."