The government is set to sign off £500m of funding during the spending review period for the transformation of the Olympic Park in east London after the Games.
The funding, trailed by planning minister Bob Neill at yesterday's Thames Gateway Forum is expected to be formally signed off this afternoon and is understood to split roughly between £300m to the Olympic Delivery Authority for "transformation" work at the Park and £200m to the Olympic Park Legacy Company for legacy work.
Baroness Ford, chair of the Olympic Park Legacy Company, welcomed yesterday's announcement from the government: "This is exceptionally good news for our Company, particularly in this tough economic climate, and represents a strong endorsement from the Government of our progress to date and of our ambitions to turn this Park into a vibrant new part of London.
"The funding means that we can put into action our plans which include the creation of five new family neighbourhoods, opportunities for business and enterprise and our aims to turn the Park into a top visitor destination.
"This public sector funding provides the basis for attracting and securing significant private sector investment. This is a great start and we will make the very best of this early commitment to deliver the real benefits in terms of houses, jobs and commercial opportunities."