Scots projects at risk as Carillion rescue plan rejected
The developer is working on an Edinburgh Waverley revamp and new Aberdeen bypass.
https://stv.tv/news/scotland/1406117-firm-behind-major-scots-projects-has-rescue-plan-rebuffed/
CityCyclingEdinburgh Forum » Infrastructure
Scots projects at risk as Carillion rescue plan rejected
(19 posts)-
Posted 6 years ago #
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Note the date...
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Friday 17 November 2017 9:22am
From horror show to too big to fail: Here's how City analysts reacted to Carillion meltdown
...
Some investors might think this is the end, but Carillion is too big to fail. Government intervention is possible but this is a nightmare for ministers at such a sensitive moment for the economy.
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http://www.cityam.com/275957/horror-show-too-big-fail-heres-city-analysts-reacted
Posted 6 years ago # -
Hm. Old News.
Posted 6 years ago # -
"Hm. Old News."
Not as such.
The (almost) inevitable is (probably) about to happen.
It would be simplistic to say 'underbid for too many (government particularly) contracts and there are likely to be predictable consequences'.
But maybe "simple" is a key word.
Posted 6 years ago # -
Snappy headline!
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The company that runs Britain is near to collapse. Watch and worry
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Posted 6 years ago # -
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Construction giant Carillion is to go into liquidation, threatening thousands of jobs.
The move came after talks between the firm, its lenders and the government failed to reach a deal to save the UK's second biggest construction company.
However, the government will provide funding to maintain the public services run by Carillion.
The firm is involved in major projects like the HS2 high-speed rail line, as well as managing schools and prisons.
"
http://www.bbc.co.uk/news/business-42687032
A current vacancy -
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POSITION: Paver (CSCS)
LOCATION: Leeds City Cycle Super Highway (LS4 2AP) 2AP)
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http://www.skybluesolutions.com/mobile/index.asp?page=vacancies&jid=15983
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Carillion crisis: hedge funds rake in tens of millions
Short-sellers quietly targeted company as far back as 2015 with bets reaching peak before first profit warning in July 2017
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Posted 6 years ago # -
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Ministers are facing questions about why hundreds of millions of pounds of work was awarded to the public sector contractor even after it issued a string of profit warnings.
The group holds part of the contract to build HS2 and also oversees hospitals, schools and prisons. It employs almost 20,000 people in the UK. It had required a £300 million cash boost to keep operating.
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https://www.thetimes.co.uk/article/ministers-dismissed-warnings-on-failing-firm-carillion-n9887wthm
Posted 6 years ago # -
At best, Carillion's pension fund will need a Government bailout, despite the firm paying millions in dividends only a few short months ago.
That kind of action should be criminally negligent.
Posted 6 years ago # -
Telegraph headline;
Government attacked as Carillion collapse leaves tens of thousands of jobs at risk and banks nursing £2bn hit
Is this....capitalism?
Posted 6 years ago # -
Well to be fair most of the government pension funds schemes are unfunded, the civil service nhs etc. A 30 plus billion a year liability; also government pensions don’t pay in to the pension protection fund, higher paid government employees also don’t pay the same tax as real funded pensions as artificially low calculations used for the fund that base it on a lower fund that would typically take. The government pensions a bit of a racket, the public sector transfer club a” scam” can mean someone can get paid more in pension contribution (not real as go nowhere but to offset current spending in paper exercise) so can be paid more in contributions if based it on the purchase cost to buy a real pension. Can also get people joining offices on final salary pension years after scheme was closed for new entrants. Also people that transfer in public sector transfer club are also exempt from the change away from final salary pension to career average.
Posted 6 years ago # -
Ed1 - come join us on the dark side:
https://www.myjobscotland.gov.uk/
https://www.civilservicejobs.service.gov.uk/csr/index.cgiHappy to put a word in for you...if I can ever get out of this bath full of champagne.
Posted 6 years ago # -
@Ed1
The public sector pension arrangements are diverse and complex. Very few posts currently qualify for final salary arrangements though there is often a career average option.
The 'transfer club' doesn't operate as it used to, but its purpose is still to allow the state to get the right people into the right jobs with little friction.
Some arrangements are 'funded', others not.
Posted 6 years ago # -
Now;
Analysis: Missed warning signs and huge debt - yet the Government kept on investing in Carillion
Public being lined up like a worm for the hook on this one.
Posted 6 years ago # -
An assumption I work in the private sector.
https://www.myjobscotland.gov.uk/
I had a job at the Scottish government in 2003 how it worked then was applied came in and did a test then came in again and went to an interview I qualified for guaranteed interview scheme. ( I have dyslexia, aspergers)Then got letter to say got job then sent contract and pension pack I opt for nuvos although classic was what they recommened, then you were sent to start in various departments. I was sent to the archives in princer street then, the social care in saughton then sepa which was near chessor at the time near where the new Aldi is.
What happed was would get sent to start work and meet person ( not a formal interview as already had that and contracted but some some unofficial veto)
After being sent to 3 jobs I rang up saughton where they did the HR recruitment at the time, firstly they said would look in to it then said I had declined 3 jobs. I then complained that I had not declined the jobs and had contract they then said would look in to it. They then said they had sent the contract in error and had not got job. (also letter and pension pack) the scot exec person even claimed the contact their property and may be a police matter ( really are fools). I then contacted my msp a lib dem who refered to the people in scot gov as his people so would not send a letter. I explained to my msp that he is only paid on contract and the same principles, did not think so but was not the smartest lib dem about.
I contacted the tribunal people and explained the situation but tone changed when said scot gov and were not interested and they said if said was an error an error irrespective of plausibility. If had been at Tesco or company even if was error would have been paid not that it was an error but the tribunal service is also part of civil service. I still have the paper work for job. I lived in the borders at the time and had to move to Edinburgh for the job luckally the flat in leith was going to rent was owned by mate that had property business or otherwise would have been liable for the rent still.
I am aware of the sound bite for transfer club -) however I would argue its an uncompetitive practice which reduces diversity its reduces applicants as pre-existing public sector workers are effectively paid much more if include final salary over average ( I know there is some private scheme exception, the enhacements on transfer club could be outwith the rules if was funded). (It the enhancement on the existing final salary to the new salary can cost a lot)
I am aware many public sector works not well paid always think the public transfer scheme and the enhancements for fat cats are the other side of the coin from government not paying contracts. A bit like blocked plates government in offices with ministers seem to have more in common with quite rouge traders cowboys; the normal princples of law don’t apply also access to effectively un limited funds in disputes and also other services are a bit bendy in respect to gov like blocked plates. I think there should be independent regulator for Gov as one part of the gov monitors another, a regulator to complain about employment contracts, corruptionish , things like blocked plates in fact for anything to counter institutional corruption of outcome presumed liability for gov to re-address the implicit imbalance.
I think its in part because uk is a privileged based society rather than rules based, in Germany the rules may be greater than the individual so gov contacts and laws matter in the uk after the fact in respect to gov. In the uk to an extent things based on relative privilege of parties. If german gov workers drive drunk and crash would imagine insurance is still paid etc as the rules rather than relative privilege is what based on.
So in part it may be the perception of the low integrity fat cats in the likes of scot gov that don’t really respect so more critical of their pensions but even objectively the payments do not confirm with the rules that people that actually buy a pension have to adheard to. I would also argue their too generous even on the high salary the equivlemnt of multi million pound pensions to buy; a poor waste of tax payers moneys. In part think the trouble is just put on liablity if came out real money when enhanced department would bawk at paying it. Personally think they should restrospectivly capped.I think post Brexit the senior leaders in Westminster and scot gov should be outsourced to say… Norwegians, rather than privatise the cleaners privatise the senior officials as that what UK does poorly compared to the best countries. How can another country takes our clowns seriously-)
Posted 6 years ago # -
Ed1 - that's absolutely terrible! Did you join a union? Pretty much the only people in your corner at work. Lots of people assume HR are there to help them - but they are a creature of management, only there to minimise the chance of the organisation being sued.
I've never heard of the pension transfer scheme being considered an incentive for any public sector worker - I doubt most have even heard of it.
There are ombudsmen services for the public sector (https://www.spso.org.uk/) and for elected members (http://www.ethicalstandards.org.uk/) and the Civil Service Commission also deals with recruitment matters (http://civilservicecommission.independent.gov.uk/).
I can't think how a civil servant or politician could avoid motoring offences - Humaza Yousaf MSP (Transport Minister) was fined for not having insurance.
Posted 6 years ago # -
Waverley work to continue despite Carillion collapse
Posted 6 years ago # -
https://www.devon-cornwall.police.uk/FOI/Doc/477e364b-3825-4985-a63c-746afb8540eb/p?D079open.pdf.
3.11 Blocked Vehicle Details on PNC [FOIA - Closed s31(1)(b)]
3.11.2 Its 3.11.2 that allows freedom from cameras, parking and insurance companies who use the dvla data base.
Its not just police that use blocked plates, many types of gov. Including scot gov
Civil service commissioners set the wider recruitment practices I met a commissioner before at an event.
The public sector transfer club is a barrier to external competition as means existing public sector employees are offered package worth more when applying for a new job ( at a senior level can be 100s thousands in it in pension value comparing to bought pension. It creates lower diversity by applying a type of "legacy discrimination". Legacy discrimination is when given a preference with a filter no longer acceptable or if make up of society has changed over time the group of past has preference today based on legacy not merit such as offered better pension packages today against the other applicants the sort of thing the commissioners would address if were not just there for the beer.
Posted 6 years ago # -
Carillion collapse: Contingency plans 'in place' for Scottish projects
http://www.bbc.co.uk/news/uk-scotland-scotland-business-42687014
Posted 6 years ago # -
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Keith Brown declined to say when the Aberdeen bypass would open when he attempted to reassure MSPs that disruption and job losses caused by Carillion’s collapse would be minimised in Scotland.
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Posted 6 years ago #
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