UPDATE: Venezuelan projects feared placed in jeopardy as Conservative Boris Johnson routs Labour's Ken Livingstone for London Mayor

A Conservative victory in elections for Mayor of London could put a raft of Venezuelan projects in the British capital in jeopardy according to sources at City Hall in London.

With Boris Johnson officially declared the clear winner in Wednesday's ballot, it is feared that London-Venezuela relations (which were wholly linked to a Chavez-Livingstone relationship) will be dropped like a hot political brick with Livingstone's Labour Party dropping to third position in nationwide elections, leading Prime Minister Gordon Brown to attempt to downplay the result as "disappointing."

Officials close to Mayor-elect Boris Johnson (pictured right) say that he will act immediately to sever all ties with what he calls "the dictatorship in Venezuela" bringing cooperation deals with Caracas to a complete standstill.

• Johnson is said to have politically marginalized Venezuela's President Hugo Chavez Frias after the President referred to him as an "oso polar loco" (a crazy polar bear) in a BBC television documentary on last December's constitutional referendum in which Chavez was questioned by BBC corespondent John Sweeney.

Venezuela's ambassador to London, Dr. Samuel Moncada was said to be following the election results closely but it is already understood that Livingstone-based funding to the London-based Venezuelan Information Centre (VIC) will be halted with immediate effect and that a series of other "arrangements" between Caracas and the Livingstone administration will be blown out of the water.

VHeadline Venezuela has sought comment from Ambassador Moncada and/or anyone on his diplomatic team in the UK capital ... telephone calls to the embassy and to the ambassador's residence were not answered even after the official results of the Mayoral race were announced.