the other three being balfour beatty interservice and cheer there pocketed over three hundred million pounds flipping p.f. i schools and hospitals to the highest bidder and other words many of karelians p.f. i assets are already in the hands of foreign investors meaning that while the government will have to take over many of the services karelian can no longer provide and may still have to pay leasing cost to the foreign owned firms that currently and sold out to otherwise those firms may sue the government for a lost profits this is a remarkable chain of events because you have u.k. companies are going to be privatized because the private sector is more efficient so they take it out of the hands of the government and then these assets end up in the tension funds and public pension funds or foreign governments to pay and interest income to foreigners supplied by u.k. citizens so it's a transplant of state assets with reliable income out of the u.k. to foreign governments you know we you and i have pointed out that these p.f. ideals have been very expensive to the u.k. taxpayer and on

it's also been reported that balfour beatty and galliford try will take on 80 carillion staff as theymccluskey, general secretary of the union unite has had what he calls "encouraging" talks with the head of peugeot, carlos tavares in paris. peugeot has announced 650 job cuts at vauxhall‘s ellesmere port plant. mr mcclusky said mr tavares talked of "working with unite to construct a roadmap for future operations in the uk." "britain's economy should be prepared for a much more optimistic 2018". that's the view of lord jim o'neill, the former treasury minister. he supported britain remaining inside the european union and has been speaking to our economics editor kamal ahmed. in principle, i share the views of many that brexit is a really weird thing for the uk to impose on itself, from an economic perspective. but i quickly add at the same time, i have felt for a good couple of years, as important as brexit is, it isn't the most important thing facing britain's future. things like regional inequalities and the underlying and related productivity problems, much bigger issues. do you thi

the other three being balfour beatty interservice and cheer there pocketed over three hundred million pounds flipping p.f. i schools and hospitals to the highest bidder and other words many of karelians p.f. i assets are already in the hands of foreign investors meaning that while the government will have to take over many of the services karelian can no longer provide and may still have to pay leasing cost to the foreign owned firms that currently and sold out to otherwise those firms may sue the government for a lost profits this is a remarkable chain of events because you have u.k. companies are going to be privatized because the private sector is more efficient so they take it out of the hands of the government and then these assets end up in the funds of public pension funds or foreign governments to pay an interest income to foreigners supplied by u.k. citizens so it's a transplant of state assets with reliable income out of the u.k. to foreign governments you know we you and i have pointed out that these p.f. ideals have been very expensive to the u.k. taxpayer and on this bit

the other three being balfour beatty interservice and cheer there pocketed over three hundred million pounds flipping p.f. i schools and hospitals to the highest bidder and other words many of karelians p.f. i assets are already in the hands of foreign investors meaning that while the government will have to take over many of the services karelian can no longer provide and may still have to pay leasing cost to the foreign owned firms that currently and sold out to otherwise those firms may sue the government for a lost profits this is a remarkable chain of events because you have u.k. companies are going to be privatized because the private sector is more efficient so they take it out of the hands of the government and then these assets end up in the funds of public pension funds or foreign governments to pay and interest income to foreigners supplied by u.k. citizens so it's a transplant of state assets with reliable income out of the u.k. to foreign governments you know we you and i have pointed out that these p.f. ideals have been very expensive to the u.k. taxpayer and on this bit

for example, hsz, they might pick up the phone to balfour beatty and ask if they can do it.risons. you can see how it goes on. but it's a long process because you have to re—tender, rebate and re—award hundreds have to re—tender, rebate and re—awa rd hundreds if have to re—tender, rebate and re—award hundreds if not thousands of contracts. so it may mean that these contracts are fulfilled, it may mean thatjobs are lost, but this is all going to take a very long period of time, if that's what the government decides to do?m long period of time, if that's what the government decides to do? if the banks can restructure the debt somehow, that's great. they can restructure the depths, maybe kick it into the long grass to a certain extent, and maybe jobs it into the long grass to a certain extent, and maybejobs will it into the long grass to a certain extent, and maybe jobs will be saved. it's difficult to see there would be some effect on the company because the banks will want some sort of change. if the company files we re sort of change. if the company files were administration

infrastructure group balfour beatty says it will face a cash impact of up to £a5m from joint venturesanine floor inside the stock exchange in the indonesian capital, jakarta, has collapsed. at least 72 people have been hurt and are being treated in three different hospitals in jakarta. police say the collapse was due to an accident, not an explosion. the stock exchange, based inside a multi—storey building in centraljakarta, has re—opened for the afternoon session. our correspondent rebecca henshke is on the scene. she sent us this update. it was lunchtime when the roof of this walkway area that is behind me collapsed. we understand that there were people waiting in the kind of lobby area of the stock exchange here in centraljakarta, including some university students, we are told, that had come to visit the stock exchange today. the area has been sealed off. this is as close as we can get at the moment. rescue workers have gone inside the area to look carefully through the rubble to make sure no one else has been caught or is trapped inside. they believe that most people who were inj

balfour beatty, their shares are up. kier group.lion, it will have a huge impact on many jobs carillion, it will have a huge impact on manyjobs and parts of government, but there are already share prices on the move upwards. suchis share prices on the move upwards. such is capitalism, i'm afraid this isa such is capitalism, i'm afraid this is a destructive process. but plenty of companies will pick up the contracts carillion has had. we do not know the ripple of the failure of carillion in terms of the suppliers and contractors. we will have to wait and see. what you make it all? for a very long time, there have been lots of signs that carillion has been in trouble, so it moved to delay the payment of money to its suppliers. some years ago. people were saying, this is a sign ofa people were saying, this is a sign of a company that is in the first stages of significant trouble. a lot of people said, no, that cannot be so. of people said, no, that cannot be so. look at the scale of its contracts. but they were on wafer thin margins, a

the ones announced yesterday, that this is the case then, included balfour beatty and an infrastructurehave to come up with potentially millions of pounds to keep the project going. those involved in government schemes, the government has given reassurance to the workers and said they will carry on being paid if they will carry on being paid if they are involved in building schools, hospitals and military installations etc. it is a tale of two halves. it is whether you can jump two halves. it is whether you can jump in and get extra business or you are a private contractor with a business relationship. two things grabbing attention is on the markets, the price of oil is edging up and up, closing on monday in london about $70 a barrel for the first time in three years. inflation numbers are right in the uk and energy prices have a big impact on inflation. talk as through your expectations? the high price of oil will affect not just the high price of oil will affect notjust uk the high price of oil will affect not just uk inflation the high price of oil will affect notjust uk inflation bu

they tried to buy balfour beatty, a huge company, when they themselves were in trouble.y serious mistakes in bidding for large hospital roads and other contracts. they did too low, it would appear, and the costs escalated. when construction contracts go wrong, it just becomes a bottomless pit, in many ways. as a result, no doubt has gone up and up and up. depending on which way you define debts, they have got between 900 and possibly {1.2 billion, 1.6 billion, actually, of net debt on top of which you have to add the 600 million pension deficit. huge liabilities. the government is going to sit down and try to come up with contingency plans. it says it has plans in place should the firm go under. this also is too big to fail, they can't afford to let this fail. i don't know, there's a number of ways in which the government can get involved, but politically none of them are particularly palatable. the biggest intervention they could make is actually taking a stake in the company, as part of raising a large amount of new capital. but they will look back and look at the back

some contracts to electrify railways in the northwest for network rail, which it took over from balfour beattytion company, when it found the contracts we re company, when it found the contracts were problematic and it was not making much money on them. in terms of, is it so big it is inevitable, construction is a difficult business, and when you are as big of carillion, and fortunately with the current state of the industry, we cvs sorts of problems cropping up all too often, and carillion as a number of big contracts which it hasn't been able to make pay. how do you see the government's role in this? the leader of the lib dems says the government shouldn't bail them out. i see the government's role is extremely problematic. it is ha rd to role is extremely problematic. it is hard to see how the government can stand behind carillion in a way which doesn't create some kind of moral hazard. 0bviously, risk and who bears the risk is a big issue in infrastructure, and there are lots of people who are making a big noise, saying government shouldn't be privatising the profits and nationalising the

it's also been reported that balfour beatty and galliford try will take on 80 carillion staff as they paris today, he will be talking to the boss of peugeot. he believes there is a future for the health report vauxhall plant. visual has just announced 650 job cuts but only if the owner gives it a new car to build. more gloomy news on house—call finances, household reporting a sharp deterioration in financial well—being. things worse and that the steepest rate since last september. inflation expectations reached a 47 month high and there was the strongest demand for unsecured debt since february 2017, it all seems a bit gloomy. it according to market research group, we all know the last year has been hard, high inflation, wages have been lagging behind bart, and obviously people feel miserable about that but how much of an indicator of the future is it? it's a fairly good indication, what we spend contributes to economic growth in this country. the pressure is the average household is under the moment are still very intense, this combination of inflation at around 396 combination of in