{"id":59549,"date":"2018-01-17T09:19:51","date_gmt":"2018-01-17T09:19:51","guid":{"rendered":"http:\/\/www.bnreport.com\/carillions-brutal-demise-is-testament-to-free-market-mechanisms\/"},"modified":"2018-01-17T09:19:53","modified_gmt":"2018-01-17T09:19:53","slug":"carillions-brutal-demise-is-testament-to-free-market-mechanisms","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/carillions-brutal-demise-is-testament-to-free-market-mechanisms\/","title":{"rendered":"Carillion\u2019s brutal demise is testament to free market mechanisms"},"content":{"rendered":"

For a short while, if some reports were to be believed, the government was considering some form of a bail-out for stricken construction services company Carillion<\/a>.<\/p>\n

Thankfully the government has done the sensible thing \u2013 nothing \u2013 and the company has gone into liquidation.<\/p>\n

Taxpayers can breathe a cautious sigh of relief: rightly, the company\u2019s shareholders, along with its major creditors, will take the hit. Sure, re-tendering the contracts will impose an additional cost on taxpayers, but nothing like what a bailout or nationalisation would have cost.<\/p>\n

Read more<\/strong>: Carillion rescue "undermined" by Royal Bank of Scotland and Santander<\/a><\/p>\n

Yet, bizarrely, voices usually critical of what happened during the financial crisis are calling for exactly the same response in the case of Carillion, condemning the fiasco as yet another failure of \u201cprivatisation\u201d and calling for the government to nationalise it, potentially pouring untold amounts to prop the company up. All while accepting \u2013 in an impressive form of doublethink \u2013 that the government should not have continued to contract with the company once its problems became clear.<\/p>\n

Which means Jeremy Corbyn<\/a> is wrong \u2013 nationalisation is not the answer. If the company collapsed, it\u2019s because it was not making enough profit. Margins at the top 10 contractors are around 0.8 per cent. If that\u2019s true, how could it have been ripping off the state?<\/p>\n

The reality is that what happened to the ailing company has nothing to do with \u201cprivatisation\u201d (was Carillion ever owned by the state?) and everything to do with bad management \u2013 at Carillion, but also in Whitehall.<\/p>\n

Last year, the company issued three profit warnings in five months, wrote down more than \u00a31bn from the value of its contracts, and suspended paying dividends. Hedge funds had been betting heavily against the company long before that. Yet the government, apparently oblivious to what was going on, continued to dish out contracts to Carillion, including some for High Speed 2.<\/p>\n

The government\u2019s own procurement policies, designed to minimise taxpayers\u2019 exposure to risk, were largely ignored. Under these rules, a company which has issued a profit warning ought to be classified as \u201chigh risk,\u201d meaning that a decision to nevertheless engage it should be made only in extraordinary circumstances.<\/p>\n

In other words, the issue was not too much profit, it was too little.<\/p>\n

The company was providing the service for less than it costs to provide it \u2013 it wasn\u2019t fleecing the taxpayer, it was, in fact, being fleeced. If the government was to bring those contracts in-house, the cost of providing the service would rise.<\/p>\n

It takes a truly enormous leap of faith to believe that the government, having demonstrated itself incapable of even keeping up with financial news, is best-placed to manage all these construction and facilities management projects.<\/p>\n

Read more<\/strong>: Carillion boss previously found guilty of breach of trust over pensions<\/a><\/p>\n

What evidence is there that the same mistakes will not be made? Why give more responsibility to people who are partly responsible for the fiasco? The answer apparently lies in eliminating the supposedly enormous profit margins and cutting out this \u201cwaste,\u201d but as already mentioned, the fact that Carillion has entered liquidation suggests these margins were not as spectacular as many seem to believe.<\/p>\n

Still, things would probably have been worse under public ownership. So often the main criticisms of private management is that it is too efficient. Consider the discontent with the huge efficiency gains made in privatised industries in the 1980s and 1990s, as new management, free from political meddling, stripped out unnecessary jobs which had built up under state ownership.<\/p>\n

And yet what is the ideal model according to the unions? According the GMB union there is \u201cno place for private companies who answer to shareholders, not patients, parents and service users in our public services.\u201d No computers from Microsoft<\/a>, no drugs from Pfizer and no biros from Bic.<\/p>\n

So what should happen now? As many of those contracts were joint ventures with other companies, these will simply be taken over by Carillion\u2019s venture partners. Others should be re-tendered, this time following the government\u2019s own procurement policy. Firms such as Kier have already expressed an interest, which means they think they can learn from their predecessor\u2019s mistakes. And this learning process, allowing the market to trial and error different solutions, is what a market in public sector contracting should be all about.<\/p>\n

The market\u2019s brutal treatment of Carillion\u2019s owners isn\u2019t an indictment of the private sector. It\u2019s a major reason why it is, on average, more efficient. If only the government could adopt a similar approach in the public sector, perhaps we\u2019d enjoy the kind of public services we all want.<\/p>\n

Read more<\/strong>: Pressure grows on government to investigate Carillion executive pay<\/a><\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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CityAM<\/a><\/h5>\n

[contfnewc]
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