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  1. #1

    Carillion crisis - taxpayer bailout?


    0 Not allowed!
    This doesn't look too clever.

    http://www.dailymail.co.uk/news/arti...e-bailout.html
    https://www.theguardian.com/business...ernment-labour

    (Sorry to link to the Daily Hate, I did it for balance)
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    • #2
      Longing for retirement. AmexRuislip's Avatar
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      Quote Originally Posted by CHAPPERS View Post
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      This doesn't look too clever.

      http://www.dailymail.co.uk/news/arti...e-bailout.html
      https://www.theguardian.com/business...ernment-labour

      (Sorry to link to the Daily Hate, I did it for balance)
      They also cover a few military contracts, so probably a few affected there!
    • #3
      Now The Party's Over Beach Hut's Avatar
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      Carillion are definitely on the brink
      I surrender all control
      To the desire that consumes me whole
      Leads me by the hand to infinity
      Lies in wait at the heart of me - the Albion of course !
    • #4
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      Another example of 'too big to fail'?

      Will we never learn?
    • #5
      A. Virgo, Football Genius
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      i wonder if the unions understand what happens to a company when their contracts, sources of revenue, are removed?
      Daily Mail readers are living in a perpetual hell, expecting their homes to be overrun at any minute by hoodie wearing, skunk smoking, muslim, transgender, asylum seekers.
    • #6
      Two Mad Professors Two Professors's Avatar
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      Carillion has been dying for years,with people like the Richardsons pecking away at the healthy bits.Think their last real chance of survival ended when the merger with Balfour Beatty got rejected.When your chairman's name is Phillip Green (not the BHS one) it doesn't help!
      In Chris We Trust.
    • #7
      Members studio150's Avatar
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      Going under and another pension crisis with PPF involvement
    • #8
      aka Cap'n Carl Firecrotch Westdene Seagull's Avatar
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      Quote Originally Posted by studio150 View Post
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      Going under and another pension crisis with PPF involvement
      What's our resident Fairy got to do with it ?
      The devil whispered in my ear : "You're not strong enough to withstand the storm."
      I whispered in the devils ear : " I am the storm."
    • #9
      Members Gritt23's Avatar
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      Quote Originally Posted by Titanic View Post
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      Another example of 'too big to fail'?

      Will we never learn?
      Learn what? Learn what the concept of "too big to fail" actually means?

      As someone who has worked in Construction for a decade, Carillion are a massive player, and if they were to fail the damage that does to the sector, and the economy as a whole would be massive. Sites all over the country would stop instantly, their employees would be redundant, their sub-contractpors wouldn't get paid. That is a whole raft of smaller companies who will see damaging financial hits which could in turn push them into bankruptcy. So that next tier would have casualties, numerous companies, who they themselves employ 100s of people. Then in turn the companies they sub down to again.

      Add to that plant companies and numerous material suppliers who are supplying the multitude of Carillion sites would also take a massive hit on those contracts. The immediate impact across the industry would be very damaging, but it is then how everyone acts after a big failure like that. Suppliers would tighten credit terms, banks would become more reluctant to lend to the industry, clients would require more bonds to be taken out, and that cost would filter all the way down as well. All of these knock-on effects would also bring casualties, as it makes cashflow harder with everyone being in a race to get paid quicker, while banks reduce lending.

      How much does Construction affect the whole economy? Well, it's roughly 6.5% of GDP and employment in the UK.

      Yes, in my view, Carillion is "too big to fail", the Government will need to step in and ensure they don't go pop, as it will be too damaging for the industry, the economy as a whole, and that affects us all.
      "I looked straight across to Graham Turner and their whole bench was in tears."
    • #10

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      Quote Originally Posted by Gritt23 View Post
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      Learn what? Learn what the concept of "too big to fail" actually means?

      As someone who has worked in Construction for a decade, Carillion are a massive player, and if they were to fail the damage that does to the sector, and the economy as a whole would be massive. Sites all over the country would stop instantly, their employees would be redundant, their sub-contractpors wouldn't get paid. That is a whole raft of smaller companies who will see damaging financial hits which could in turn push them into bankruptcy. So that next tier would have casualties, numerous companies, who they themselves employ 100s of people. Then in turn the companies they sub down to again.

      Add to that plant companies and numerous material suppliers who are supplying the multitude of Carillion sites would also take a massive hit on those contracts. The immediate impact across the industry would be very damaging, but it is then how everyone acts after a big failure like that. Suppliers would tighten credit terms, banks would become more reluctant to lend to the industry, clients would require more bonds to be taken out, and that cost would filter all the way down as well. All of these knock-on effects would also bring casualties, as it makes cashflow harder with everyone being in a race to get paid quicker, while banks reduce lending.

      How much does Construction affect the whole economy? Well, it's roughly 6.5% of GDP and employment in the UK.

      Yes, in my view, Carillion is "too big to fail", the Government will need to step in and ensure they don't go pop, as it will be too damaging for the industry, the economy as a whole, and that affects us all.
      So we're going to end up footing the bill, basically?
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