1. London Mayor Boris Johnson, chairman of London 2012 organising committee Lord Sebastian Coe and Olympics minister Tessa Jowell arrive at ceremony
2. Schoolchildren cheer and save flags
3. Olympic and British flags are raised as Tower Bridge slowly opens
4. Sailors stand to attention as British national anthem is played
5. Pull back from Olympic flag to wide of flags in front of Tower Bridge
6. Crowd applauds
7. Pan from Olympic flag to British flag
8. SOUNDBITE: (English) Boris Johnson, Mayor of London:
"It's a very proud moment for me and I hope for many people in this city and this country. It symbolises the transfer of responsibility from Beijing to London to produce the world's greatest festival of sport, and I've no doubt that we're going to do a great job."
9. Veterans of 1948 London Olympics line up alongside Boris Johnson
10. Close up of 1948 Olympians with Johnson
11. SOUNDBITE: (English) Ronald Cooper, 1948 Olympian:
"This one should be the best, because we had nothing in 1948. We'd just come out of the second world war. We had no food."
12. Close up of Olympic flag flying
13. Wide of crowds watching flags flying in front of Tower Bridge