And get ready for it.
Wates and Kier, two of the biggest construction companies in the country, have decided not to bid for any of the contracts. Meanwhile, the Olympic stadium and the aquatic centre have attracted just one bid each.
The Olympic Delivery Authority (ODA) had expected thousands of companies to show interest in contracts. But the construction industry is thriving and the biggest companies are concerned about the risks to their reputations and the bureaucracy involved. They have been put off by prominent troubled projects such as the Wembley and Cardiff stadiums, which were built well over budget at the contractors’ expense.
Tough employment conditions built into contracts — including direct labour, local labour and stringent health and safety regulations — are also forcing up prices.
The ODA will release figures today showing that all but 23 of the 1,715 workers now on site are being paid the London Living Wage or more, and 50 per cent of workers live in the capital, with one in five from local boroughs.
Yup, it\’s going to cost even more than they\’ve already admitted.