If you want to see how the economic downturn is affecting the , look no further than the in east London.
The £1 billion project for 2,800 apartments was supposed to be completely privately-funded. Now the because it has been impossible to raise the cash from the private sector.
Does this matter?
I've just returned from Vancouver which is only nine months away from hosting the .
Usually so close to the Games, the debate about the huge amounts of money being spent on the event is replaced by the excitement of the party coming to town.
But not in Canada in the middle of a global recession.
John Furlong, admitted to me that he has to think about the budget virtually "every hour" now. VANOC are having to find ways of making savings.
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