Olympics get a bail-out too

Ministers have approved a £461 million injection of cash for the London Olympics after private investment in two of the venues failed to materialise. The money will be used to pay for the construction of the £900 million athletes’ village and the £355 million media centre as both sites were due to run out of money in March. The rescue package makes up two-thirds of a £1 billion contingency fund that was reserved for exceptional or unforeseen events such as an industrial dispute.