Jeremy Hunt has defended the latest figures, which show retails suffering an early drop in business as visitors stay away from central London during the Olympics.
The Culture Secretary told Daybreak: "It may be a bit up and down over the next few weeks, but in the years that follows, it's going to be terrific for London businesses.
More top news
Three people have been seriously injured after a coach carrying Rangers football supporters crashed in East Ayrshire.
Detectives investigating the abduction and rape of a 14-year-old girl as she walked to school have released a description of the offenders.
His widow wrote about his struggles with the little-known Lewy body disease in a neurological journal.