Cable Says Coalition Lacks Vision of Economy’s Future

08 March 2012 09:00am - Florence Fullalove

    



Cable Says Coalition Lacks Vision of Economy’s Future

According to an internal government letter acquired by the BBC, Business Secretary, Vince Cable has said that the Coalition has no ‘compelling vision’ for the economy beyond the central aim of cutting the deficit. In the letter Cable sets out the need for a coherent industrial policy, but also praised some of the government’s achievements. Cable wrote, “There is still something important missing: a compelling vision of where the country is heading beyond sorting out the fiscal mess; a clear and confident message about how we will earn out living in the future.” Cable also said the government needed to shoe “more leadership” in supporting key technologies.

Cable also called for a break up of state-owned RBS Group, of which the government owns 82%. He wrote, “My suggestion is that we recognise that RBS will not return to the market in its current shape and use its time as a ward of state to carve out of it a British Business Bank with a clean balance sheet and a mandate to expand lending rapidly to sound businesses.” Cable is a long-time critic of Britain’s banking system for failing to lend enough to businesses and he had previously pushed for deposit-taking banks to be separated from their investment divisions.

Cable’s complaints will inevitably cause problems within the coalition government and provide the opposition Labour Party with valuable ammunition especially as George Osborne gets ready to deliver his March 21 budget.

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Related Links :
BBC - Cable calls for RBS to be split up
Vince Cable - Secretary of State for Business
RBS - Royal Bank of Scotland
Economic Calendar - For scheduled economic events
Latest News - For regular news updates

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