London’s had its elaborate Jubilee celebration, and all systems are go for the Olympics – but the money well’s run dry over at Pride London HQ.

With only a week to go, the organisers of the massive annual festival have confirmed a funding shortfall and announced a severely scaled-back schedule of events.

The Parade will now be an on-foot procession, with cars and floats suddenly told they can’t now take part.

Its organisers, who just last week were reassuring punters that all was well, now explain that the extra global attention on the city of London this year produced severe financial stress for an event which was given the lofty tag ‘World Pride’.

“Each and every year, Pride London needs to achieve some serious commercial targets to fund the event – and this year, targets are even higher than before, because of increased cost, the sheer scale of the planned event and mounting pressure to deliver a ‘world class’ event,” Pride London said in a statement.

“As a result, we are returning to the roots of the original Pride London rallies. The ‘parade’ as we know it will now be a procession. It will cover the same route as planned, but with the exception that there will be no vehicles or floats participating.”

Traditionally one of the largest LGBTI Pride celebrations in the world, Pride London has been know to get as many as one million people out onto the city’s most iconic central streets.

Same Same was there last year – see our Postcards From Pride London gallery below.

Find out more about Pride London on its website here.