Over the next 12 days NCE looks back on the year the banking world imploded, Heathrow Terminal 5 opened in chaos and Crossrail – described by then transport secretary Ruth Kelly as the biggest infrastructure project in the northern hemisphere – finally gained political approval and funding. We begin with January...
Engineering had a rather inauspicious start to the year.
The West Coast Main Line near Rugby and the Great Eastern Route into Liverpool Street failed to reopen on time after engineering works overran. A shortage of electrical engineers was blamed and Network Rail was fined £14M for the delay.
A clanger was dropped in Glasgow after a 35m long support hanger for the 15 month old Clyde Arc bridge fell onto the road deck after a connection snapped. The bridge was closed until the end of June.
Repercussions of the 2007 sub-prime mortgage crisis were felt across the world as stock markets plunged. The sub-prime mortgage crisis was caused by a record number of foreclosures and mortgage defaults in the US, a result of inappropriate lending.
At the same time, the crisis did not appear to have immediately affected construction as global demand for materials grew and the price of oil went over $100 per barrel for first time.