Irresponsible company chiefs to face huge fines: PM

Galtero Lara
Enero 22, 2018

The proposals are part of a crack down on irresponsible business chiefs in the wake of the Carillion scandal.

Company bosses who "line their own pockets" will be given huge fines, Theresa May has said.

Reviving a commitment with which she launched her premiership - to govern "not for a privileged few, but for every one of us" - May says that while governments should not get involved in day-to-day management of businesses, the state should act now "in favour of ordinary working people".

Construction and outsourcing services group Carillion was put into liquidation on Monday, swamped by debt and pension liabilities of at least 2.2 billion pounds ($3 billion), and forcing the government to step in to guarantee public services from school meals to roadworks.

She was also asked about comments by the head of the CBI, who said remaining in a customs union with Brussels is the best option for British business.

He added that safeguards must be put in place to protect workers who have contributed to a pensions scheme and bonus clawbacks should be triggered in the event of a company's collapse.

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It is understood that the pensions regulator...

The Prime Minister has vowed to crack down on bosses lining their pockets and not protecting workers' pension schemes.

"The Treasury and the business department will be hostile to these sorts of ideas and will not want regulators interfering in the business decisions of corporate Britain".

Mrs May's latest remarks come after a Tory former minister accused her of timidity and a lack of ambition in a devastating attack on her leadership. Nick Boles, a former minister, warned last week of a timidity at the heart of her administration.

Ms Truss was later challenged on whether she was being "economical with the truth" about the cost of the collapse to taxpayers, and said: "There's a difference between the cost that the administrator finds and what the impact will be on public spending and public services".

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