The logo for the 2012 London Olympics. Associated Press

The symbol is made up of five angular shapes that spell out 2012 and include the word "London," along with the five rings of the Olympics. It's intended to show the "character and identity" of the London games in 2012, the U.K.'s Olympic Development Authority said in a statement today.

Bob Neill, the Conservative Party's Olympics spokesman on the London legislative assembly, called the logo "hideous" and expensive. "We need to know how much money this exercise has cost, because whatever it was, it's been a complete waste of money," Neill said in an e-mailed statement.

The next Olympics, the Beijing games in 2008, are represented by a logo featuring a dancing Chinese character.

The U.K. has set a 9.3 billion-pound ($18 billion) construction budget for the Olympics, which will be Europe's largest building project. The Olympics authority has been criticized by the assembly for failing to provide adequate spending plans. The authority has said it will submit more details after completing bidding for major projects.

Sebastian Coe, chairman of the 2012 games, said the London logo reflects the inspirational capacity of the Olympics and will appeal to young people. He told the British Broadcasting Corp. that the logo "won't be to everybody's taste immediately."

Prime Minister Tony Blair, International Olympic Committee Chairman Jacques Rogge and London Mayor Ken Livingstone all issued statements backing the new symbol.