43,000 jobs at stake as UK construction firm Carillion collapses

The heavily indebted British construction group Carillion has gone into immediate liquidation after it failed to secure funding from the UK government and banks to go ahead with its business projects. Some 43,000 Carillion jobs are at stake and hundreds of major projects are now in limbo. The liquidation move comes after last-ditch talks between UK’s second biggest construction company, its lenders and the government ended in failure. The company hoped the government would nevertheless provide some funding to allow current state projects to continue. The 200-year-old firm, which provides services in defence, education, health and transport, has been struggling for some time. In July last year, it issued the first of several profit warnings. Despite that, the government continued to award the company major public contracts. The government now says it cannot prop up the company. Analysts warned that it could turn out to be a costly mistake by the Theresa May government.