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GOVERNMENT WILL UNDERWRITE MILLENNIUM DEBTS

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Deputy prime minister Michael Heseltine has agreed that the government will underwrite all the debts of the£700m m...
Deputy prime minister Michael Heseltine has agreed that the government will underwrite all the debts of the £700m millennium exhibition in Greenwich, effectively making it a public, rather than private project.

The Independent (p7) reports that this unusual reversal of the government's usual approach is an attempt to keep the plans on track in the face of refusals by Labour to guarantee any potential losses.

It also reflects the fact that less than one third of the expected £150m private sector sponsorship has been guaranteed so far.
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