THE controversial Love Parade could cost nearly half a million pounds, it has emerged.

With the event in Newcastle just 11 days away, Paul Rubinstein, the city council's head of arts and culture, has admitted the cost of the pop parade has spiralled.

Mr Rubinstein, who presents a report on the event costs to the council's cabinet today, says cash will be recouped by charging for a park-and-ride scheme and a European regional development grant, leaving taxpayers with a much smaller bill.

Although the event is free, drivers will be asked to pay £10 for every car parking space. Critics say the park-and-ride scheme is too expensive to attract motorists and the Euro grant has yet to be finalised.