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Government was 鈥渉oodwinked鈥� by Carillion鈥檚 public accounts, according to the MPs running the inquiry into the company鈥檚 collapse.

Commenting on the National Audit Office鈥檚 (NAO) report probing the government鈥檚 handling of Carillion鈥檚 failure, which was published today, MPs said the investigation highlighted how the firm had misled key stakeholders, including the government.

Frank Field (pictured), chair of the work and pensions committee, said: 鈥淭his invaluable report adds new weight to what we found: Carillion hoodwinked the government as they did many others who were so na茂ve as to trust their published accounts.

鈥淧hilip Green, Richard Howson and Richard Adam were desperate to attribute their company鈥檚 explosion to some of its more exotic forays overseas. But the NAO鈥檚 explanations of why common or garden UK public sector construction contracts failed betray extraordinarily negligent planning.

鈥淪urely they could not have been so incompetent? It is difficult to shake the impression that this was conscious cash-chasing, bugger the long term consequences and bugger the interests of suppliers, workers and pensioners.鈥�

Field鈥檚 co-chair Rachel Reeves, who chairs the business committee, said the NAO鈥檚 report showed the wider cost of Carillion going bust.

She said: 鈥淭he collapse of Carillion was a catastrophe for those who lost their jobs and the small businesses, contractors and suppliers left fighting for survival.

鈥淭he company鈥檚 failure has left the taxpayer with a bloody nose as we are all left on the hook for the vast sums needed to clean up this mess.鈥�

The NAO鈥檚 report revealed Carillion鈥檚 liquidation is set to cost the public 拢148m.

But the watchdog also said it could take years to establish the final cost of the failure, with wider costs to the economy, Carillion鈥檚 customers, staff, the supply chain and creditors expected.