Emergency bank support for small firms impacted by Carillion

Emergency bank support for small firms impacted by Carillion

Emergency bank support for small firms impacted by Carillion

Thousands of private sector workers whose jobs relied on the Carillion could hear if they will be out of work following its collapse soon.

The Civil Engineering Contractors Association and Build UK say that only a combined response from the government and the sector will prove sufficient in turning around the prospects of the 20,000 people who are employed by Carillion across the UK.

The probe has been ordered because Carillion's former director Richard Howson is still receiving a hefty 600,000 pound payout despite the firm's weak financial health.

The announcement by Business Secretary Greg Clark comes amid widespread anger that Carillion is still dishing out huge pay packets to senior staff who left the firm just before it went bust.

The Labour leader said the "ruins" of the collapsed construction giant lie around the Prime Minister and he called for private firms to be "shown the door".

BONUS payments to directors and former executives at collapsed construction giant Carillion have been stopped.

The Insolvency Service revealed payments had stopped when the major public service provider plunged into liquidation on Monday with debts of £1.3bn and a £600m pensions deficit.

He told Prime Minister's Questions: "Between July and the end of a year ago the share price of Carillion fell by 90 per cent, three profit warnings were issued, unbelievably some contracts were awarded by the Government even after the third profit warning".

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Greg Clark said: "It is essential that small businesses exposed to the Carillion insolvency are given the support they need by their lenders".

A spokesman for Carillion Canada told The Canadian Press that all of its employees continue to be paid and that business is proceeding as usual.

In the Commons this lunchtime she said workers on Carillion's public service projects should continue turning up, "confident in the knowledge that they will be paid for the work they are providing".

Economy Secretary Keith Brown said: "We recognise this is a very worrying time for employees and companies who will be concerned for their jobs and livelihoods, and have set up these support lines to ensure people can get the advice they need, and so we can understand the extent of this situation as we know this will affect the wider supply chain".

"As the ruins of Carillion lie around her, will the Prime Minister act to end this costly racket of the relationship between Government and some of these companies?"

The UK government on Tuesday ordered a fast-track investigation into directors at the failed construction company Carillion.

"Over the past 48 hours all of the company's private sector service customers have been contacted to determine their ongoing needs, the person added".

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