Over £20M per annum, for the next 3 years, will be cut from the London budget to cover irregularities in the 2012 Olympics accounts.
The black hole (estimated at being between £60M-£100M) in the accounts means that the London Development Agency, the Mayor of London's economic and business unit, does not have sufficient reserves to cover compensatory commitments owed to businesses forcibly relocated from the Olympic Park.
KPMG are conducting a forensic investigation into the irregularities, and will issue a report at the end of July.
Olympic Medals won during the Beijing 2008 Olympics
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