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Construction and materials industries

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Banks threaten Jubilee Line extension

Article Abstract:

The 11 banks dealing with Canary Wharf's receivership are considering witholding 180 million pounds sterling of finance for the Jubilee Line extension. Many companies are relying on the project to stimulate financial growth. The Jubilee Line extension will cost 1.8 billion pounds sterling. The banks believe that the extension is central to the success of London's Docklands but some want to delay for a few months to consider whether they should use the money to furnish Canary Wharf. They want the Treasury to agree to return their contribution if the line is not built by 2003.

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Lion's share of Jubilee line work for the UK

Article Abstract:

The UK government is expected to approve the 16 kilometre, 1.6 billion pounds sterling extension of the Jubilee line from Green Park to Stratford in Nov 1992. It is expected that about 80% of the construction contracts will go to UK firms. Winning tender prices were 5% below London Transport's estimates, cutting 100 million pounds sterling from the original cost. Olympia and York will pay 98 million pounds sterling immediately and 80 million pounds sterling over the next 28 years. The line will create the equivalent of 20,000 people-years' work until 1998.

Contracts, Design and construction, Olympia and York Canary Wharf Ltd.

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Trouble on the line

Article Abstract:

The proposed 16Km extension to London Underground's Jubilee Line is in doubt due to uncertainty over funding. Work cannot start on the Green Park to Stratford line until all the 1.7 billion pounds sterling required has been secured. Developer, Olympia and York may not be able to contribute its promised 400 million pounds and 25 million pounds from British Gas is dependent on planning permission for related developments. The government is unlikely to underwrite these contributions even though the failure of the scheme will damage the construction industry.

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