{"id":90932,"date":"2021-03-24T09:55:47","date_gmt":"2021-03-24T09:55:47","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=90932"},"modified":"2021-03-24T09:55:47","modified_gmt":"2021-03-24T09:55:47","slug":"phase-one-hs2-budget","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/phase-one-hs2-budget\/90932\/","title":{"rendered":"HS2 construction costs tip over budget"},"content":{"rendered":"<h2>HS2 minister Andrew Stephenson has revealed delays in completing enabling works have led to \u201ccost pressures\u201d on the project<\/h2>\n<p>The latest report on <a href=\"https:\/\/www.hs2.org.uk\/\" target=\"_blank\" rel=\"noopener noreferrer\">HS2<\/a> to Parliament shows potential cost pressures of around \u00a31.2bn over its target, revealing further costs could still emerge.<\/p>\n<p>In phase one, the focus has primarily been on progressing the <a href=\"https:\/\/www.pbctoday.co.uk\/news\/hr-skills-news\/new-jobs-work-on-hs2\/88252\/\" target=\"_blank\" rel=\"noopener noreferrer\">remaining enabling works<\/a> and preparatory works, and the start of main works.<\/p>\n<p>The overall budget for phase one, including <a href=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/demolition-euston-hs2\/55311\/\" target=\"_blank\" rel=\"noopener noreferrer\">Euston<\/a>, is \u00a344.6bn. This includes the cost of \u00a340.3bn and an additional government-retained contingency of \u00a34.3bn.<\/p>\n<p>The target cost for phase one remains at \u00a340.3bn. Around \u00a311bn has been spent to date, including land and property provisions.<\/p>\n<p>Approximately \u00a312.6bn has additionally been contracted, with the remaining amount yet to be contracted.<\/p>\n<p>To date,\u00a0<abbr title=\"High Speed 2\">HS2<\/abbr> Ltd has drawn \u00a3400m of its \u00a35.6bn delegated contingency to specific additional costs, which represents 4% of the overall contingency for phase one, and reflects an increase of \u00a3200m since the last report to Parliament.<\/p>\n<h3>Further cost pressures could still emerge<\/h3>\n<p><a href=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/andrew-stephenson-hs2\/72108\/\" target=\"_blank\" rel=\"noopener noreferrer\">Andrew Stephenson, HS2 minister<\/a>, in his report, said: \u201cMy last report to Parliament included \u00a30.4bn from expected increases in the scope and duration of enabling works.<\/p>\n<p>\u201cThese costs are now expected to be incurred and so are not shown as pressures but have instead been taken into the core cost estimate. They will be funded through surplus provision within\u00a0HS2\u00a0Ltd\u2019s core budget rather than from its delegated contingency.<\/p>\n<p>\u201cHS2\u00a0Ltd is currently re-planning its schedule for phase one in conjunction with its construction suppliers with a view to mitigating these delays.<\/p>\n<p>\u201cThe schedule pressures reported will not impact the projected \u2018delivery into service\u2019 date range of 2029 to 2033 set last year, but further cost pressures could still emerge if mitigation activity is required.\u201d<\/p>\n<div class=\"mk-custom-module-container\">\n<\/div>","protected":false},"excerpt":{"rendered":"<p>HS2 minister Andrew Stephenson has revealed delays in completing enabling works have led to \u201ccost pressures\u201d on the project.<\/p>\n","protected":false},"author":20,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[676,283,276,473,579,928,280],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-90932","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-construction","8":"tag-finance","9":"tag-government","10":"tag-hs2","11":"tag-infrastructure","12":"tag-rail-network","13":"tag-transport"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>HS2 construction costs tip over budget<\/title>\n<meta name=\"description\" content=\"HS2 minister Andrew Stephenson has revealed delays in completing enabling works have led to \u201ccost pressures\u201d on the project\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/phase-one-hs2-budget\/90932\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HS2 construction costs tip over budget\" \/>\n<meta property=\"og:description\" content=\"HS2 minister Andrew Stephenson has revealed delays in completing enabling works have led to \u201ccost pressures\u201d on the project\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/phase-one-hs2-budget\/90932\/\" \/>\n<meta property=\"og:site_name\" content=\"Planning, Building &amp; 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