British government should not undermine local construction industry
South Down MP Chris Hazzard has today said the British government should think twice before bailing out British construction giant, Carillion, at the expense of local, well-managed firms.
Chris Hazzard said:
“The British government are currently considering bailing out this failed construction company.
“Carillion is in financial chaos, with losses exceeding £1bn in the past six months, and have recently breached debt commitments of more than £900m. Banks are walking away from this toxic firm.
“Crucially, with financial insolubility seemingly imminent, the British government has indicated that Carillion will receive gold-plated special treatment by being allowed to hand back failing contracts with no repercussions.
“Many people within our local construction industry rightly question why this failing company is been afforded such special treatment - especially bearing in mind they are currently being investigated by the Financial Conduct Authority."