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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.

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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"


 

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Related links:

Carillion:

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triangleKeep Middlesbrough hospital staff in the NHS

triangleYes to NHS - No to PFI!

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Construction:

triangleChina: Impressive, coordinated and daring crane drivers' strikes

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