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| Carillion liquidation - live updates: Government and unions react as major NHS contractor goes bust | Carillion liquidation - live updates: Government and unions react as major NHS contractor goes bust |
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| One of the Government's most important contractors has collapsed into administration as a result of its lenders refusing to provide any more financial support, raising fears about the future of hundreds of major projects at an already challenging time for the British economy. | One of the Government's most important contractors has collapsed into administration as a result of its lenders refusing to provide any more financial support, raising fears about the future of hundreds of major projects at an already challenging time for the British economy. |
| Following several days of tense negotiations, the board of construction giant Carillion on Monday said that it had “no choice but to take steps to enter into compulsory liquidation with immediate effect’’. | Following several days of tense negotiations, the board of construction giant Carillion on Monday said that it had “no choice but to take steps to enter into compulsory liquidation with immediate effect’’. |
| Labour said that it would question the group about how the situation was allowed to become so serious and the Unite union called for an inquiry into the crisis. | Labour said that it would question the group about how the situation was allowed to become so serious and the Unite union called for an inquiry into the crisis. |
| Campaigners had also demanded Carillion not be bailed out with public money. | Campaigners had also demanded Carillion not be bailed out with public money. |
| The company recorded a more than £1.4bn loss during the first half of its financial year and the departure of its chief executive last year also contributed to an investor exodus, sending shares plummeting from around 230 pence a year ago to just over 14 pence at Friday's market close. | |
| Carillion employs some 46,000 people worldwide, of which 20,000 are in the UK, and holds major contracts for prisons, the NHS and the armed forces. Only in July last year, it won major contracts to build the new High Speed 2 rail line, to connect London with the north of the country. |