The Treasury has played down fears over financing the 2012 Olympics development, after it emerged that a major contractor could require government support. Property giant, Lend Lease, the contractor for the £1bn Olympic village – a core part of the £9.3bn Olympics project – is struggling to secure half of the costs from banks. Lend Lease has committed £250m, with a similar amount promised from central and local government. Chancellor Alistair Darling was this week due to meet Lend Lease, the Olympic Development Agency and other local authorities involved. A Treasury spokesman said: ‘Given the impact of the global economic downturn in the UK, additional public investment may be needed to help fund the Olympic village from within the £9.3bn budget.'
