Seven former Carillion directors gave evidence yesterday to MPs at the start of a joint inquiry by two select committees into the firm’s liquidation earlier this month.

During two lengthy sessions before MPs from the business select committee and the work and pensions committee,  the former Carillion directors tried to give an account of their actions.

They were unconvincing in explaining how thousands of jobs at Carillion and at suppliers were put at risk, many public contracts were left unfinished and an estimated £800m of pension liabilities were thrust on to the pensions lifeboat.

There are plenty of necessary questions around how another Carillion canot be allowed to happen. Liberal Democrats leader Vince Cable offers some thoughts on how better governance can be achieved – starting with a rethink of the auditing industry- in an interview with Financial Director.