COMMONS

Chair's comment on Carillion

15 January 2018

Rt Hon Frank Field MP, Chair of the Work and Pensions Select Committee, said: 

"Carillion took on mega borrowings while its pension deficit ballooned. We called over a year ago for TPR to have mandatory clearance powers for corporate activities like these that put pension schemes at risk, and powers to impose truly deterrent fines that would focus boardroom minds.

If Government had acted then, the brakes might have been put on Carillion’s massive debt ramp up and it never would have fallen into this sorry crisis. It seems we have a new case like this every week, and this one is particularly disastrous, with massive job losses and 28,000 current and future pensioners at risk. I would like to ask the Government today: what more is it going to take?" 

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