This is the last article you can read this month
You can read more article this month
You can read more articles this month
Sorry your limit is up for this month
Reset on:
Please help support the Morning Star by subscribing here
OUTSOURCING giant Capita posted a £513.1 million annual pre-tax loss today.
The figure compares with an £89.8m loss in 2016 and, in the wake of the collapse of rival Carillion, Labour is demanding an end to the Tory government’s “obsession with the idea that private is always best.”
Calling the announcement “deeply worrying,” shadow Cabinet Office minister Jon Trickett said it once again “raises serious questions about the Tories’ approach of putting their narrow-minded ideology before the public interest.
“Labour warned the government that there was a real danger Carillion could be the first of a row of falling dominoes, seriously threatening jobs and public services.
“This whole debacle shows their obsession with the idea that private is always best must end now.
“Labour in government will introduce a presumption in favour of in-house provision of public services.”
Capita bosses are looking to tap investors for £701m for a new strategy in which the proceeds will be used to reduce the firm’s debt and make investments.
