An agreement has been reached on the public funding contribution from Transport for London (TfL) towards the construction of a bridge over the River Thames.

The deal, between Lambeth Council and the Garden Bridge Trust, limits TfL's construction contribution of the Garden Bridge to £10m rather than the original £30m.

A Bouygues and Cimolai joint venture will now begin work early next year once negotiations on the £90m Bridge's south landing site in Lambeth have been concluded.

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Previously, talks had been suspended over growing concerns of the £30m TfL had contributed to the scheme.

Council Leader Lib Peck said: "I'm pleased that Londoners are getting a better financial deal particularly at a time of austerity when all public sector organisations are being forced to make deep cuts to services.

"We've been in tough negotiations with the Garden Bridge Trust and Transport for London and I'm pleased we've successfully agreed a deal that will cut London taxpayers' contribution towards the Garden Bridge by two thirds."

Chairman of the Garden Bridge Trust, Lord Mervyn Davies added:  "We are delighted to move forward with the project. We have been hugely successful in our efforts to raise funds from the private sector, with £85m pledged to date, and we have agreed that any of the committed funds from TfL spent over the £10 million will be treated as a loan."

(LM/CD)