THE TELEGRAPH: Vince Cable has attacked the “spivs and gamblers” who he claimed are more of a danger to the economy than militant union leaders.
The Business Secretary told the Liberal Democrat conference in Liverpool that it was right that the public was angry about the bankers’ bonuses.
He refused to tone down his comments, which have angered business leaders, about the “murky world of capitalism.”
He said: “I make no apology for attacking spivs and gamblers who did more harm to the British economy than Bob Crow (the RMT union leader) could achieve in his wildest Trotskyite fantasies, while paying themselves outrageous bonuses underwritten by the taxpayer. There is much public anger about banks and it is well deserved.”
In another move that is likely to anger the Conservatives Mr Cable revelled in the fact that the Lib Dems had forced David Cameron to drop his pre-election commitment to a new inheritance tax limit.
To cheers from the Lib Dem delegates, he said: “You'll remember our Conservative colleagues campaigned in the General Election to lift the inheritance tax burden on double millionaires. But they have dropped that commitment.
“They have gone halfway to accepting our case for equalising income tax and capital gains tax rates. They have accepted in the Coalition Agreement that the priority for cutting income tax is for low earners not top earners.”
He also repeated his wish for a new tax on properties worth more than £2 million.
Mr Cable said: “I personally regret that mansion tax did not make it into the Coalition Agreement but in a coalition we have to compromise. But we can and should maintain our distinctive and progressive tax policies for the future.”
Mr Cable was unrepentant for talking about capitalism's failings.
He said: “The Government's agenda is not one of laissez-faire. Markets are often irrational or rigged. So I am shining a harsh light into the murky world of corporate behaviour. >>> Andrew Porter, Political Editor | Wednesday, September 22, 2010
