The educational charity behind the Wembley Park Academy has said the £50 billion American banking scam will not effect the school project.

Multi-millionaire businessman Arpad Busson - the figurehead of Absolute Return for Kids (Ark) who is funding the scheme - is estimated to have lost around $220 million after investing in the fraud.

But Ark spokeswoman Lesley Smith claimed all the funding for the new academy in Bridge Road was already in place.

"It will have no impact on the school what so ever," she said.