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The government has cut its underwriting of the Garden Bridge by 拢6m.

Transport secretary Chris Grayling announced today that while he would extend the financial guarantee for an unlimited time period, it would be cut to 拢9m.

The current guarantee, which covers up to 拢15m of cancellation liabilities, expires next month and the Garden Bridge Trust had asked for a year鈥檚 extension.

Chairman Mervyn Davies was last week when the government remained silent as the deadline approached. He said it was a crucial time for the 拢175m project and that it would be a 鈥渢ragedy鈥� if the government withdrew its support now.

In a statement released today by the Department for Transport, minister Lord Ahmad began with warm words for the Heatherwick-designed project but ended with a clear warning that government financial support is strictly limited.

鈥淭he government wishes the exciting and innovative Garden Bridge project every success and has provided public funding to help get it off the ground,鈥� he said.

鈥淲e have extended our agreement to underwrite cancellation costs but capped at the current [sic] level of 拢9m.

鈥淭he taxpayer must not be exposed to any further risk and it is now for the trust to find private sector backers to invest in the delivery of this iconic project.鈥�

A spokeswoman for the Garden Bridge Trust said they were confident of finding those private backers.

鈥淭he main thing is the government has indicated its support and that鈥檚 the news we really wanted to hear,鈥� she said.

鈥淲e are talking about cancellation liabilities so it鈥檚 hypothetical but we have to be prudent.鈥�

An official statement added: 鈥淭he government has made it clear it wishes to continue to support the 鈥榚xciting and innovative鈥� Garden Bridge and has agreed to extend a large part of its underwriting agreement.  The Garden Bridge Trustees have agreed to explore any further underwriting required and are currently working with new private-sector sources to build on the current support.鈥�

Work on the bridge was expected to start this spring and the trust has already spent more than 拢30m of the 拢60m of public money it has received.

But delays caused by planning and land purchases meant construction will now not be completed until 2019 鈥� a year later than scheduled 鈥� potentially putting it in conflict with the so-called super sewer project which is being built under the Thames.