Lord O’Neill of Clackmannan, President, Specialist Engineering Contractors (SEC) Group 
The Olympic Challenge – Demand Creation and the Economics
The United Kingdom campaigned for the Olympic Games because, among other things, it brings in tremendous numbers of visitors, creating employment and leaving a sporting legacy. But is the UK construction industry ready and able to meet the challenge of an Olympic Games?
In his presentation on the conference’s third day, Lord O’Neill, the President of SEC Group, addressed this, saying: “where good practice has been applied to major projects in the UK, industry has risen to the challenge.”
Industry's Olympic achievements
Much has been written about the UK construction industry’s ability to meet rising expectations. Yet in spite of allegations of cost over-runs, skills shortages, the need for economies and delays, Lord O’Neill said, much has been achieved and significant output growth is forecast to 2015.
Against this background the Olympic Delivery Authority (ODA) has been established to manage public sector investment in the Games and ensure the delivery of infrastructure.
There is a mixed record of major projects in the UK and Lord O’Neill looked at a number of case studies by way of illustration. In his view the successful operations were characterised by realistic costings, partnership arrangements and innovation. Delays due to planning difficulties, uncertain relationships and a lack of frankness in financial projections all prejudiced the outcome.
“I believe that the increases in costs at this early stage, the steps taken to fund the necessary money and the contingency requirements laid down by the Treasury have all injected realism into the proceedings,” said Lord O’Neill.
Showcasing UK construction
Lord O'Neill spoke positively about the opportunities ahead. “This is going to be a great shop window for UK construction", he said.
"Equally important, it will be the chance for all that is good in the building industry – proper payment arrangements and collaborative and integrated working practices which give proper attention to sustainability – to be shown to work in delivering the Games on time and within budget.”
Click here to download Lord O'Neill's full speech.
