INDUSTRY NEWS

Olympics: Govt will have to pay

The government will have to cover the London Olympics’ funding shortfall, the chairman of the Olympic Delivery Authority has said.

John Arnitt told the Guardian the Olympic village would definitely need extra funding after the credit crunch has impacted on development budgets.

"The government at the end of the day will have to come in and support the village [financially] – that is understood," the paper reported he said.

The National Audit Office (NAO) has published its progress report on the Games’ preparations and revealed there has been good progress and "construction activities are broadly on track".

However, it also raised concerns over the rising cost of the Olympic village, legacy requirements and security arrangements.

"The delivery bodies need to maintain a firm stance on cost and keep in sight the intended legacy benefits too," Tim Burr, head of the NAO warned.

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