Banks Launch £225M Fund To Help Firms Hurt By Carillion

A logo is seen in front of cranes standing on a Carillion construction site in central London

LONDON, Jan 18 (Reuters) - Britain's biggest banks have announced a range of measures to support firms and contractors hit by the collapse of construction outsourcing company Carillion.

The BBC asked Lloyds whether there was a contradiction in its offering help now but refusing to lend Carillion more money.

Labour leader Jeremy Corbyn has savaged what he called the "outsourcing racket" exposed by the company's collapse, vowing to tear up procurement rules to make the public sector the default choice for providing government services.

All three were major lenders to the company and are facing huge losses following its failure.

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Mr Clark said that it was "an issue for the Official Receiver" to establish what proportion of Carillion's debts would be paid out to creditors once its assets had been realised.

The group, involving business, trade unions, and banks has been set up by the Business Department after the company's liquidation.

Ministers are working to ensure that "everything we can do to maximise the continuity of these small businesses is done", he said.

Aidan Kehoe said the collapse of the contractor will "add to the delay" of the hospital, which has already had its handover date pushed back twice, but added the Hospital Company, the private sector consortium delivering the scheme, was "doing all that it can to minimise any further disruption".

Carillion's typical payment terms were 120 days. The Insolvency Service says work has been suspended - or "paused" - pending decisions as to how and if they will be restarted.

"I am determined that collectively we will take the steps necessary to give workers and businesses the information they need at this hard time".

Anger has been vented over former Carillion chief executive Richard Howson's bumper pay packet during and after his tenure, as well as that of ex-finance chief Zafar Khan and interim boss Keith Cochrane.

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