Jeremy Hunt replaces Tessa Jowell as Secretary of State in the re-named Department of Culture, Olympics, Media and Sport.
As such Hunt now holds the poisoned chalice of the London 2012 Olympics.
He told the BBC's Newsnight that the department is going to make immediate cuts in spending of around £60M.
"Olympic money is not protected, none of the Department of Culture, Media and Sport's budgets are protected, and we're looking at all of them and saying, 'Can we save this money without affecting our core services?'"
Even if the entire £60M were wiped off the Olympics "budget" it would be but a drop in the ocean compared to the £12BN plus being spent on the games.
Olympic Medals won during the Beijing 2008 Olympics