Vince Cable, can now be called a turncoat, only last week he was saying he didn’t agree with the George Osborne and David Cameron’s policies on economic recovery, he even got his mate, his official spokes person to publicly make a statement for him about it, his mate got fired, he got his knuckles rapped by his bosses the Conservative party, and probably got threatened with the sack.
Lord Oakshot, took the rap for you and your beliefs and just look at you now dancing to the pipers tune, I started to think you were a man of principles Vince, but I was obviously wrong, it seems that sharing a bed with Cameron, Osborne and Clegg is better than being left in the cold, I even see your crusade against Murdoch and his empire has now been dropped, what’s more important Vince, your beliefs, or the wishes of your bosses at Conservative headquarters? I thought you were a Libdem,along with others, how wrong we are, take note of last nights by election result and where your party finished, that should tell you how betrayed the British public feel.
Business secretary admits he was stung by criticisms but says ‘if I’m less popular, it’s a sign I’m doing my job’
In a speech at the City’s Mansion House on Thursday, Cable confessed to “exasperation” with commentators who “expect that the government can somehow guarantee an immediate, miraculous, return to rapid economic growth”.
Instead, he pledged that he and his colleagues would deliver, “vigorous, targeted action where the government can make a difference; combined with robust and unsentimental withdrawal from unnecessary interference”.
Since it emerged that the economy contracted by 0.6% in the fourth quarter of 2010, the government has faced a chorus of scepticism about its growth strategy. Ministers have repeatedly said they want to see a “rebalancing” of the economy, away from debt-fuelled consumption and property booms. But business groups have complained that no one in government has explained how to go about it.
However, Cable insisted that the “growth review” has been as rigorous as George Osborne‘s cost-cutting spending review last autumn. He said the government would be taking action on boosting overseas trade to economies such as India and China; cutting red tape; improving infrastructure, and freeing up Britain’s planning system. Whitehall insiders said that shaking up the planning regime was one of Cable’s key priorities: “If he could do only one thing, it would be that.”
Cable told his City audience: “The market in land is dysfunctional, distorted both by a slow and prescriptive planning regime, speculative hoarding, and a less than effective tax system.”
He singled out high-speed rail, the Green Investment Bank and government-backed Technology and Innovation Centres, to commercialise scientific research, as examples of how the state could help to nurture growth.
However, he stressed that the task of restoring the economy to sustainable growth would be made harder by the jump in oil prices caused by the turmoil in the Middle East.
Cable also admitted that he had been stung by the slide in his reputation: from the soothsayer of the financial crisis to embattled Whitehall minister.
“In my more wistful moments, I do see the continued attractions of writing books, explaining how we got into this situation rather than being in government trying to dig our way out of it,” he said. “But if I am less popular in some quarters than a year ago that is some sign that I am doing my job.”