INDUSTRY NEWS

Govt to meet Olympic funding gap

The government has said it will contribute more money to help close the Olympic funding gap.

The additional investment will come from the Treasury’s £1 billion contingency fund. It will be used to ensure the completion of the Olympic Village and the Games’ media centre.

Private investors have not contributed as much as was hoped, which has forced ministers to provide a further £461 million.

Tessa Jowell, the Olympics minister said: "We are determined to deliver the Games within budget."

She explained that "lower than anticipated construction inflation and good progress across the project" meant the scheme should still remain within budget.

Once the Games has ended, The Olympic Delivery Authority will begin selling its newly-built residential and commercial property, in the hope it can recoup its investment.

The Olympic development is significant as it is bringing new investment to the east end of London and providing much needed employment opportunities.
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