Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://www.socialistparty.org.uk/issue/999/27478

From The Socialist newspaper, 13 June 2018

City vultures make millions from Carillion chaos

Workers left unemployed and NHS projects on hold

Carillion, photo Elliott Brown/CC

Carillion, photo Elliott Brown/CC   (Click to enlarge)

Caroline Vincent, Leicester Socialist Party

The collapse of the building giant Carillion may have caused chaos, but it hasn't been bad for everyone involved. It transpires that some are set to benefit from the company's liquidation. Accountancy firms and lawyers will be making a killing, raking in some £70 million in fees. And who's footing the bill for the disaster? Taxpayers, that's who, to the tune of an eyewatering £150 million.

Despite this there are projects that have ground to a halt. Disgracefully, in the middle of the ongoing NHS crisis, construction of Royal Liverpool University and Birmingham's Midland Metropolitan hospitals are on hold.

Accountancy firm PricewaterhouseCoopers (PwC) has already earned £17 million in fees for advising Carillion over the past decade. Given the outcome you could hardly say that this was money well spent! Yet having advised the company to the point of failure, PwC is now expected to earn a further £50 million for managing the insolvency. Another £20 million of the costs will be pocketed by lawyers.

Carillion's senior bosses have emerged unscathed, managing to hang onto their huge bonuses. It's a different story for the 2,332 workers who have been made redundant. And there are 3,000 staff still working for the remnants of the company whose jobs are hanging in the balance.

All of this highlights the problems that arise through privatisation and outsourcing, and the need to fight for nationalisation and democratic socialist planning of the economy.

The Carillion fiasco has been described as "disaster capitalism". It's certainly not been a disaster for the companies who've been able to turn the misery and insecurity of workers into a quick buck. For ordinary people who struggle to make ends meet on a daily basis, the profit-driven system can't be described as anything other than disastrous.

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


In The Socialist 13 June 2018:


Grenfell Tower

Grenfell: still waiting for justice


PCS union

Civil service pay strike ballot: vote yes! Smash the cap!

PCS members in DWP say: Pay up now!


Fighting sexism

How can we fight for trade unions that fight for women?


Socialist Party news and analysis

Five reasons to walk out on 13 July

City vultures make millions from Carillion chaos

Retail crunch: more giants on their knees - nationalise them now

Pay rises of 283% needed for most to afford London homes

Them & us


Workplace news and analysis

Health unions accept divisive NHS pay deal

NHS workers plan coordinated strikes across West Yorks against outsourcing

4,000 Rolls-Royce jobs at risk

Transport for London to lose central grant: bus workers must prep for action

Housing strike against individualised pay enters week two

Vote Mike Rolfe for Napo general secretary


International socialist news and analysis

Venezuela: Neither the capitalists nor regime can solve the crisis

Eyewitness report from Gaza: "Razan was killed in front of my eyes"


Socialist Party campaigns

Build an anti-racist workers' movement

Help to sell the Socialist

Don't delay, buy issue 1000 today

Sheffield Labour council "happy" to jail trees protesters

In the words of Amber Rudd, "no one died at Orgreave"


 

Home   |   The Socialist 13 June 2018   |   Join the Socialist Party

Subscribe   |   Donate   |   Audio  |   PDF  |   ebook






Related links:

Carillion:

triangleCapitalism fails NHS services in Liverpool: scrap PFI!

triangleWeak Tories must go. General election now!

triangleInterserve debts

triangleTories ensured Carillion meltdown went unchecked

triangleThe murky world of the 'Big Four' accountancy firms

Workers:

triangleBuild independent workers' media with May Day greetings

triangleTrade unions - new decade, new challenges

triangleForeign Office workers' strike

triangleSolidarity with Turkish workers

NHS:

triangleNHS debt so high it can't be repaid - so don't pay it!

triangleUnnecessary surgery scandal shows need for democratic control of NHS

triangleNHS: Fight for full funding!

Construction:

triangleHS2 debacle: nationalise rail and construction!

triangleHull: Construction workers' walkout forces employer to back down

News and socialist analysis

News and socialist analysis

12/2/20

Terrorism

Streatham attack: Johnson's bill can't stop terror

12/2/20

Cuts

How to resist Tory attacks on local communities

12/2/20

Trade unions

Trade unions - new decade, new challenges

12/2/20

London

Council houses - not private property developers

12/2/20

Councillors

Cuts councillors are the real problem

12/2/20

NHS

NHS debt so high it can't be repaid - so don't pay it!

12/2/20

NHS

Unnecessary surgery scandal shows need for democratic control of NHS

12/2/20

NHS

NHS: Fight for full funding!

12/2/20

What We Heard

What We Heard

12/2/20

Them & Us

Them & Us

12/2/20

Windrush

Windrush deportations: end the hostile environment

5/2/20

Domestic violence

Refuges turn away 64% of women - set no-cuts budgets now!

5/2/20

Labour leadership

Labour leadership contest and public ownership

5/2/20

Healthcare

Coronavirus exposes capitalism's weaknesses in healthcare and economy

5/2/20

Rail

Expensive, overcrowded and unreliable: Renationalise the railways!

triangleMore News and socialist analysis articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

LATEST POSTS

CONTACT US

Phone our national office on 020 8988 8777

Email: info@socialistparty.org.uk

Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206

Regional Socialist Party organisers:

Eastern: 079 8202 1969

East Mids: 077 3797 8057

London: 020 8988 8786

North East: 078 4114 4890

North West 079 5437 6096

South West: 077 5979 6478

Southern: 078 3368 1910

Wales: 079 3539 1947

West Mids: 024 7655 5620

Yorkshire: 077 0671 0041

ABOUT US

ARCHIVE

Alphabetical listing


February 2020

January 2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999