It is, perhaps, timely that a book on Carillion has just been published. It was written by Bob Wylie, an ex-BBC journalist, and comes with a dramatic title: Bandit Capitalism, Carillion and the Corruption of the British State. It highlights Carillion’s dreadful treatment of its supply chain. At the time many thought that the Carillion episode would be the harbinger of long-lasting improvement in payment security.

Two-and-a-half years later, little has changed. As we gradually emerge from the covid-19 crisis, I am receiving calls from small firms that some major contractor or other has not paid a long outstanding variation account or is still refusing to release retentions without any plausible excuse. The main reason for the calls is that these firms are now desperate for cash and have nowhere else to go. I have heard of directors and partners having to cash in pensions or to risk more of their personal assets to guarantee bank loans.

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