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GREENWICH ON COURSE FOR THE MILLENNIUM

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Peter Levene, one of the prime minister's chief business advisors, is expected to announce that the Greenwich mille...
Peter Levene, one of the prime minister's chief business advisors, is expected to announce that the Greenwich millennium exhibition is now viable, the Financial Times reports (p1).

Levene will tell the Millennium Commission tomorrow that the £144m target for the private sector contribution will be reached by the time work starts on site in September 1997, the paper says. The commission is to allocate £200m of lottery cash.

The FT also describes the private sector company that will run the event. It will be a limited company, with major sponsors as share-holders. The paper suggests that the government will underwrite the project.

The turn-around in the exhibition's fortunes follows the personal effort by deputy prime minister Michael Heseltine to squeeze sponsorship from private companies. The Financial News reports (p1) that he also urged the big British banks to fork out £12m between them towards the event.
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