Vince Cable says Carillion should not receive public assistance to prevent its collapse

SHAREHOLDERS and creditors, not taxpayers, should take the financial hit of saving struggling construction giant Carillion from collapse, the Lib Dem leader has said.

Sir Vince Cable rejected suggestions the firm should benefit from a Government bailout to avoid major public ­sector projects being plunged into chaos.

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Carillion has met lenders to discuss options to reduce debts, recapitalise and/or restructure the group’s ­balance sheet.

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Shadow Business Secretary Rebecca Long-Bailey said the Government must “stand ready to bring these contracts back into public control”.

Sir Vince said: “The Government can’t just do a financial bailout.”

A Government spokeswoman said of the firm: “We remain supportive of their ongoing discussions with stakeholders.”