Carve-up at Carillion

expensive on record by the end of the year.” Keep costs down by comparing quotes at renewal. Before paying in instalments find out if there will be interest. Make sure your insurer has correct information, costs can go down if you do low mileage. Drive and garage parking can lower premiums, as can adding a more experienced driver

to policies. More than £320million was wiped off construction giant Carillion’s value yesterday after a radical shake-up.

Shares crashed nearly 40% as it issued a profit warning, scrapped its dividend and its boss quit.

Carillion has said it will no longer bid for future public-private partnership (PPP) contracts after a delay in new government work since the Brexit vote.

The multi-national revealed cost overruns had left it with a bill of £875m, just under half of that in the UK.

It is also pulling out of Qatar, Saudi Arabia and Egypt and will be “highly selective” about future work. Chief Richard Howson has quit as the firm, building an extension to Liverpool’s

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Anfield stadium, kicked off a root and branch review.

Chairman Philip Green said “we must take immediate action” as debts rose sharply. Nicholas Hyett, analyst at brokers Hargreaves Lansdown, said: “Carillion looks like it’s trying to bail out a supertanker with a soup spoon.”

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