FIVE major banks yesterday backed London's Millennium celebrations plans, as work began to transform a 300 acre former gas works at Greenwich into an international showcase.
Deputy Prime Minister Mr Michael Heseltine visited the site and announced that Lloyds Barclays, National Westminster, Midland and the Abbey National were to help fund the cost for the Millennium Exhibition.
Mr Heseltine said he was confident the exhibition would boost Britain's prowess in the fields of engineering and sciences.
He said. "They are backing Britain. They are saying if this is a statement about British expertise across the world, we want to be associated with it."
Mr Roy Dantzic, managing director of Port Greenwich Ltd the company in charge of the site, said the work was "a flagship for urban regeneration. The task of reclamation and regeneration which British Gas has started today will enable this currently derelict site to become a permanent legacy of environmental improvement for the 21st Century."
Mr Heseltine could not say how much cash was involved in yesterday's announcement. The National Lottery is contributing £200 million sterling towards the £350 million total cost.
The deputy prime minister said he hoped other businesses would follow the banks' initiative and help pay for the international showcase planned for the site.
