ibusinesslines.com
ibusinesslines.com November 23, 2017


HS2 seeks guarantee on crisis-hit Carillion

17 July 2017, 06:33 | Erica Roy

Some £600m was wiped off Carillion's valuation last week

Bank Of England Bail Out Banks To Invigorate Property Market

Transport Secretary Chris Grayling will today announce the decision to award £6.6bn worth of construction contracts for the first phase of HS2 between London and Birmingham.

The names of the designers and engineers who are formally in the running to develop detailed plans for three brand new stations and majorly expand London Euston have today been named by HS2 Ltd.

Balfour Beatty said its joint venture with construction company VINCI has won two contracts worth a combined GBP2.50 billion, under which it will deliver Lot N1 and Lot N2.

The infrastructure investment covers the main civil engineering work on the first phase of HS2 between London and Birmingham - including construction of tunnels, bridges, embankments and viaducts. "These contracts will support 16,000 jobs in Britain and will create opportunities for thousands of SMEs".

In a separate statement, Carillion said its two contracts have been awarded to the CEK joint venture partnership consisting which consists of the firm, Keir Group PLC (LON:KIE), and France's Eiffage SA.

In a letter to transport secretary Chris Grayling, Mr Healey said the Meadowhall route would mean faster journey times, more capacity, less disruption to local communities, better connections with Rotherham and Barnsley and better prospects for regeneration and jobs.

"So it's not where one business has to deliver, it's a group of businesses that have to deliver, and they've all committed to doing so".


Despite the positive share price reaction on Monday, its stock remains more than 60% down on where it was trading early last week.

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

But this could see new homes in nearby Mexborough being pulled down, with numerous estate's residents finding out about the possibility just weeks after moving in. Joe Rukin of Stop HS2 referred to the project once again as a "white elephant", saying "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".

The final route for the second phase, the Y-shaped network towards Manchester and Leeds, will also be confirmed, including changes to the original proposed route around Sheffield.

Mark Cutler, Balfour Beatty VINCI Managing Director for HS2, said: "This iconic rail infrastructure project will create significant opportunities for the United Kingdom construction industry and will drive growth in skills, jobs and prosperity".

Opponents of the £55.7 billion project claim it will run over budget, create havoc during construction and have disastrous environmental consequences.



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