{"id":41020,"title":"Carillion collapse the result of ‘recklessness, hubris and greed’, central banker labels UK economy ‘menopausal’, plus top news","publisher":"Share Talk","author":"sharetalk","published":"2018-05-16T06:39:07+00:00","modified":"2018-05-16T06:39:07+00:00","canonical_url":"https://www.share-talk.com/carillion-collapse-the-result-of-recklessness-hubris-and-greed-central-banker-labels-uk-economy-menopausal-plus-top-news/","markdown_url":"https://www.share-talk.com/carillion-collapse-the-result-of-recklessness-hubris-and-greed-central-banker-labels-uk-economy-menopausal-plus-top-news.md","json_url":"https://www.share-talk.com/carillion-collapse-the-result-of-recklessness-hubris-and-greed-central-banker-labels-uk-economy-menopausal-plus-top-news.json","category":"Blogs","categories":["Blogs"],"tags":["Bank of England","Carillion","Philip Green","Post-Brexit","Vodafone"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":" \n\n**MPs have labelled the ‘spectacular fall’ of collapsed contractor Carillion the result of “recklessness, hubris and greed”.** A report by MPs into Carillion’s insolvency has recommended [former directors be banned](https://www.ft.com/content/aad5cb88-5820-11e8-b8b2-d6ceb45fa9d0) from serving on other company boards, deeming them responsible for Carillion’s “rotten corporate culture” and “costly collapse”. MPs also urged The Competition and Markets Authority to break up the [four largest accountancy firms](https://news.sky.com/story/carillion-inquiry-report-demands-reset-of-corporate-regulation-11373474) – Deloitte, KPMG, PwC and EY – after they failed to tackle the crisis. Carillion collapsed in January with [£1.5bn in debt](http://www.bbc.com/news/business-44129678).\n\n**A central banker has claimed the UK economy is entering a “menopausal” phase.** Bank of England deputy governor Ben Broadbent was [criticised on Twitter](https://www.thetimes.co.uk/article/economy-is-menopausal-says-bank-deputy-m2r6dfpfz) for the label, which he said financial experts use to describe economies that were “past their peak”. In an interview with [The Telegraph](https://www.telegraph.co.uk/business/2018/05/15/menopausal-uk-economy-risks-once-in-a-century-slump-warns-deputy/), Broadbent compared stagnant growth and wages in the UK to a lull at the end of the 19th century between the ages of steam and electricity, and said artificial intelligence could provide the next boom.\n\n**The number of UK billionaires fell in 2017.** A report by research firm Wealth-X showed [the UK lost 4 billionaires last year](https://www.theguardian.com/business/2018/may/15/number-of-billionaires-worldwide-wealth-x-census), down to 90. The report blamed “Brexit-related activities” for the decline, with the UK the only country in the top 10 to record a fall in billionaires. Overall, the number of billionaires worldwide surged to 2,754. The US topped the list, accounting for 25% of the global billionaire population– [more than China, Germany and India](https://uk.finance.yahoo.com/news/more-billionaires-us-china-germany-165900809.html?guccounter=1) combined.\n\n**Sir Philip Green’s retail empire has reported a 42% slump in profits.** Taveta Investments, the holding company for brands including Topshop and Dorothy Perkins, recorded [a 5.6% fall in total sales](https://news.sky.com/story/sir-philip-greens-retail-empire-reports-42-drop-in-profits-11373907) to £1.9bn. This year’s [Sunday Times Rich List](https://features.thesundaytimes.co.uk/richlist/) showed Sir Philip Green lost more than a quarter of his wealth in the last 12 months. The retail tycoon was [pressured to pay £363m](https://www.theguardian.com/commentisfree/2017/feb/28/the-guardian-view-on-sir-philip-green-and-bhs-a-huge-wrong-is-partly-righted) into the BHS pension scheme after the department store chain collapsed in 2016.\n\n**Incoming Vodafone CEO Nick Read has committed the telecoms company to its British base post-Brexit.** The current CFO is set to take the helm at Vodafone after Vittorio Colao announced he will be [stepping down as CEO](https://www.reuters.com/article/us-vodafone-group-ceo-breakingviews/vodafone-ceo-leaves-hard-work-to-his-successor-idUSKCN1IG1GG) in October after 10 years in the role. Read declared the company is [entering a “new chapter,”](https://www.thetimes.co.uk/edition/business/vittorio-colao-steps-down-after-decade-at-vodafone-pp39r6p9m) pointing to “transformational deals” including the [acquisition of Liberty Global’s cable networks](http://www.bbc.com/news/business-44050682) in Germany and Eastern Europe for £16bn, announced just last week.\n\n***Idea of the Day: ***Traditional four-year college should not be the only way to earn a degree, [says Melinda Gates](https://www.linkedin.com/pulse/how-digital-learning-creates-more-pathways-graduation-melinda-gates). Technology and digital learning could give more young people access to further education.\n\n> “The graduation stage shouldn’t be a privilege reserved for the few, but an opportunity within reach for everyone.”\n\n**What’s your take? Join the conversations on today’s stories in the comments.**\n\n— [Natalie MacDonald](https://www.linkedin.com/in/natalie-macdonald/) / Share this using [#DailyRundown](https://www.linkedin.com/search/results/content/?keywords=%23dailyrundown&origin=GLOBAL_SEARCH_HEADER)\n\n[Original Article Link ](https://www.linkedin.com/pulse/carillion-collapse-result-recklessness-hubris-greed-uk-rundown-uk-/)\n\n "}