Banks to help out Carillion suppliers

Meanwhile industry representatives have warned that help offered by the banks to businesses owed money by the failed outsourcing giant will be no more than a'sticking plaster solution

"We do not believe that any of our strategic suppliers arein a comparable position to Carillion", she added.

Ministers have set up a task force involving businesses and trade unions to support companies and workers affected by the collapse of Carillion.

Lloyds Banking Group has launched a £50m fund, HSBC £100m and RBS £75m.

"We monitor the financial health of all of our strategic suppliers, including Interserve".

Carillion was forced into compulsory liquidation after costly contract delays and a downturn in new business.

Short selling is where investors borrow shares for a fee and sell them in hopes of buying them back at a later date if the share price falls, making a profit, before returning the security to its original owner.




Britain's opposition Labour and Liberal Democrat parties called for an investigation into the government's dealings with Carillion before the company collapsed.

"I chaired a meeting this morning of high street banks to ensure that they are in contact with customers impacted, that they have in place the advice and support needed and that any individual cases are escalated and dealt with sympathetically, swiftly and appropriately". UK Finance said banks were taking steps to ease the impact on small firms affected by the liquidation.

Closer to home, Carillion staff and subcontractors anxious about their future are being urged to visit Citizens Advice.

Its policy manager Alan Welsh said: "The collapse of Carillion raises a number of questions not least of which is the conduct of previous and current directors of Carillion, as well decisions to continue awarding major public sector contracts to an organisation in clear financial distress".

Stock was down as much as 15% in early trading on the London Stock Exchange after the Financial Times said a small team had been put together to keep an eye on the outsourcing specialist's financial health.

"Our staff at Citizens Advice across the Black Country are on hand to provide advice that's independent and tailored to each person's different situation".

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