HS2 rail route decision due to be announced

Jay Anderson
July 17, 2017

The other big winners were listed builder Costain, whose consortium with Austria's Strabag and Gherkin builder Skanska has won two deals worth £1.85 billion in total for tunnelling works taking the route from Euston to Old Oak Common and out to the M25. These contracts will support 16,000 jobs here in Britain and will create opportunities for thousands of SMEs.

Shares were more than 20% up in afternoon trading, as a string of major firms were awarded contracts to design and construct bridges, tunnels, embankments and viaducts for the infrastructure project - expected to cost £55bn.

Announced by United Kingdom transport secretary Chris Grayling, the three packages are split into two stages: design and preliminary work, and full construction. "We have got to keep fighting for it and we can't rest on our laurels".

Carillion Plc shares made a partial recovery from their worst week in the United Kingdom builder's history after the company was co-awarded two major contracts for the country's new cross-country railway known as HS2.

While it is welcome work for Carillion, it is now struggling to contain rising debts - a outcome of cost over-runs on other key contracts.

Carillion has recruited EY, the accountant, to help it focus on "cost reduction and cash collection". "My priorities are to reduce the group's net debt and create a balance sheet that will support Carillion going forward", Cochrane said.

The announcement comes amid calls for work to start early on Leeds' leg of the HS2 route to ensure the city's economy does not miss out.

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A year ago it was agreed that the line should serve the existing station at Sheffield, with plans for a link to Meadowhall scrapped.

HS2 Ltd also confirmed today that it remains on track to open the link from London to Birmingham in 2026, the route to Crewe in 2027 and the routes to the East Midlands, Yorkshire and Manchester in 2033.

But critics have warned this will mean homes on the new Shimmer housing estate in nearby Mexborough will be bulldozed.

Joe Rukin of the Stop HS2 campaign said: "The case for HS2 has been invented by the very cheerleaders who intend to rake in billions of taxpayers' money which is desperately needed elsewhere, so it really is time to ditch this huge white elephant before it is too late".

Speaking on Monday, Grayling insisted the project was worth the money and would be delivered on time.

"Once completed 30 million people will be served by HS2 across over 25 stations, helping to change the economic geography of the country, and bring prosperity to the midlands, the north, and beyond". In a media interview Monday, Grayling rejected a weekend report by a quantity surveyor who claimed HS2 will cost nearly double the current estimate, taking the final bill to over 130 billion US dollars.

Other reports by BadHub

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