MP says Carillion was ‘greed on stilts’

A series of papers published by a joint parliamentary inquiry into the controversial collapse of construction giant Carillion have been branded “greed on stilts” by one MP.

Both the work and pensions and the business, energy and industrial strategy committees have launched an investigation into the governance and management of Carillion in the wake of the downfall.

Labour MP Frank Field issued a scathing verdict of the published correspondence, claiming: “It’s greed on stilts, pure and simple.”

Fellow chair Labour MP Rachel Reeves argued the written exchanges were “further evidence” Carillion bosses were “focused on their own pay packets”.

Ms Reeves said: “These Remco (remuneration committee) papers are further evidence that when the walls were falling down around them, Carillion bosses were focused on their own pay packets rather than their obligation to address the company’s deteriorating balance sheets.

“While these directors could still walk off with bonuses intact, workers were left fearing for their jobs and suppliers faced ruin.”

The committees have written to the former chair of the Carillion remuneration committee with more questions.