COLLAPSE OF CARILLION

That this House believes that the liquidation of Carillion marks the end of the discredited neo liberal economic doctrine initiated by President Reagan and Prime Minister Thatcher in the 1980s, and slavishly adhered to by successive governments which have privatised public services; notes that this collapse demonstrates that outsourcing essential public services to profit-oriented private companies is inefficient and a waste of public funds; further notes that using PFI or PPP to finance public sector projects is proving ruinous to many hospitals and schools around the UK; notes that Treasury figures put the capital investment value of current private finance deals at £58bn yet there are outstanding cash commitments of £232bn, while many of the buildings constructed have a lifespan of only 30 or 40 years before needing to be rebuilt; welcomes the growing realisation that outsourcing public services to private companies whose primary concern is profit rather than the wellbeing of UK citizens will serve only to fatten the profits and raise the executive pay of these companies, many of which are located offshore and do not pay UK tax; calls on the Government to prioritise keeping Carillion's services running and ensuring its employees receive their full pay and pensions; urges the Government to ensure that Carillion's management do not benefit financially from their mismanagement of the company; and hopes that public sector contracts will now be brought back into the hands of national government, which is elected to serve the interests of the people.