London 2012 funding to be cut by £27 million

(Reuters) - Funding for the London 2012 Olympics was reduced by 27 million pounds on Monday as the new government made a round of spending cuts aimed at bringing a record public deficit under control.
Sports | UK
The cuts to the Olympic budget, part of 6.2 billion pounds of savings across government planned for this financial year, will affect the Olympic Delivery Authority (ODA), the body which is building the venues and infrastructure for the games.
Cutting a deficit running close to 11 percent of GDP is the new coalition government's top priority.
"Given the economic position, no part of government can be immune," Sport and Olympics minister Hugh Robertson said in a statement, adding that the ODA had agreed the savings could be made without compromising the project... read more