There is no room for complacency about the impact of the Carillion implosion on private sector involvement in government projects and the reputation of the City. Among those paying the heaviest price will be the 30,000 smaller firms and their employees who face ruin because of the catastrophic management of Carillion and bungling oversight in Whitehall.
The trouble with former Chancellor George Osborne's 'march of the makers' is that so many of Britain's big engineers are not up to scratch. We are not alone in this, as illustrated by the plans of newish GE boss John L Flannery to split open America's premier industrial conglomerate.
The current spate of Winston Churchill movies shows that the real test of leadership comes in crisis. Chairmen are only too happy to accept all
the accoutrements of great office but behave like nodding dogs in the face of adversity. Poor choices of chairman are rarely opposed. At bankrupt Carillion, chairman Philip Green could have stopped the ludicrous decision to limit clawback of directors’ pay as the cranes were falling in.