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Councils step in to provide school lunches after Carillion collapse

Councils step in to provide school lunches after Carillion collapse

Rotheram continued: "There is something fundamentally wrong when a company of this size, with a number of significant contracts awarded by national government, ends up in this position".

The company's share price plummeted over recent monthsWhat is Carillion's share prices? Margins at the top 10 contractors are around 0.8 per cent. Management also said there was some wiggle room because Carillion was looking to sell its Canadian arm, as well as its health-care facilities management business in Britain, which would deliver extra cash to shore up its finances.

Carillion former chief executive Richard Howson, who stepped down after the group warned on profit in July, was paid more than 1.51 million pounds ($2.08 million) in salary and bonuses in 2016, according to the company's annual report. It kept going so long only because the government continued to pump taxpayers' funds into it, despite the risk.

Carillion is involved in large projects including the HS2 high-speed rail line, as well as the management of schools and prisons.

Yesterday, Brown told MSPs the Scottish Government would not "fill that hole", stating: "That's for them to consider with the banks and lenders that are part of this consortium". Under these rules, a company which has issued a profit warning ought to be classified as "high risk", meaning that a decision to nevertheless engage it should be made only in extraordinary circumstances. In other words, the debt spiral was getting worse.

More news: Ideal for the bedroom, Amazon's Echo Spot is coming to the UK

Britain's main lobby group representing business bosses called the pay packets "highly inappropriate" and accused them and shareholders of failing to provide "appropriate oversight". If the government was to bring those contracts in-house, the cost of providing the service would rise. But, the government should have known better prepared, critics argue.

"Any evidence of misconduct will be taken very seriously". In addition to the lack of any safety provision for its working class residents, there was a complete absence of any centralised assistance for the victims-many of who remain in temporary accommodation. Rather than attempt an orderly administration of Carillion in the hope of salvaging something from the business, the Official Receiver was appointed to liquidate the business. Labour's renewed commitment under Jeremy Corbyn's leadership to a programme of renationalisation will be boosted by the notion that the public has been let down by the failings of yet another private company to which the Government had outsourced state functions.

So what should happen now?

"There are real suspicions that the government was too close to this company and too wedded to its privatization role", said John McDonnell, a senior Labour party member. Others should be re-tendered, this time following the government's own procurement policy. "That is a reasonable gesture towards private sector employees". It's a major reason why it is, on average, more efficient.

The inquiry comes as thousands of workers employed by private sector companies that worked for construction giant Carillion are facing uncertain futures after the government announced they would have their wages suspended on Wednesday (17 January).


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