Carillion Crisis
Carillion, a major contractor in the public sector, is close to collapse.
https://news.sky.com/story/regulator...epens-11203432 https://www.ft.com/content/1b4ab6aa-...5-e94187b3017e Quote:
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I wonder how much this is going to cost the taxpayers?
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If they have so much govt work then why are they in trouble, surely they must be doing something wrong ?
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2) Over-borrowing. |
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https://www.theguardian.com/business...k-to-carillion |
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Carillion goes into liquidation.
https://www.theguardian.com/business...-business-live Not good at all sadly as big questions will need to be answered in these coming days by the government. |
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Governments only set the general direction. It's Whitehall civil servants not party's that actually do the contracts and they adhere to the "Nobody ever got sacked by buying IBM" philosophy. Thus Carillion having been on the "approved" list would continue to be given the contracts irrespective of the city feedback on it's parlous financial state.
It's the same philosophy that allows the "approved" suppliers to charge an arm and a leg for basic supplies and services. Even if the civil servants had the will to go out and find bargain supplies they would be prevented from taking them up. This culture wastes £Billions. :( |
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IIRC the company is owed some £500m by 2 middle east states and that's more than half their debts.
Also I can just hear the outcry from Labour and the unions had HMG not awarded those contracts some months ago and thereby and put job at risk then. Rock and a hard place... |
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I don't only blame this govt, but the privatised rail companies (inc. the bankrupt Railtrack), the privatised Energy Utilities and now Carillion, have all served the the public badly. Public services in the private sector occasionally make sense, but they are after one thing only, profit for their shareholders. Providing a public service will be low down the list. When they miscalculate and get too greedy for contracts, they go bust hoping we'll bail them out. Looks like the Govt. are going to have to re-nationalise some areas to keep services going. It will stick in their throats and cost us dear no doubt. |
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