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Daily View: Cable's criticism of the City

Clare Spencer | 09:53 UK time, Wednesday, 22 September 2010

Vince Cable

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Anticipating Vince Cable's speech at the Liberal Democrat conference, commentators react to the proposed text which attacks "murky" corporate practices.

The Vince Cable is eager to "play to the gallery" but urges him to calm down now he is in government:

"But in the era of coalition government, Mr Cable has to be more than just a thought-provoking maverick. As Business Secretary, he has a crucial role in overseeing our recovery from the sharpest recession in living memory. And when he launches what sounds like an all-out assault on capitalism, many will be filled with deep unease."

Vince Cable's expected announcement of a review of corporate governance is consistent with his earlier moves:

"It's something that won't surprise Cable-watchers with memories of his critical outbursts during the takeover of Britain's biggest independent chocolate-maker by Kraft Foods of the US earlier this year.
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"So his decision to launch 'a comprehensive review into corporate governance and economic short-termism' is a logical step for a man who now has the firepower of Government office to examine whether Britain's economy is being short-changed by the openness of its borders and the rapid-fire changes to shareholder registers during corporate takeovers."

whether it's time for a new business secretary as he says Vince Cable is misguided:

"Open debate is crucial but Cable is in Government not opposition. Is he trying to do what's best for business, as he should, or what's best for his fringe supporters in the Lib Dems? His contribution to the important trade mission to India recently seemed to amount to pulling miserable faces. Where is his sense of collective responsibility? If he doesn't discover it soon he should resign."

it's not just Damian Reece who is talking about Vince Cable leaving, as Ladbrokes have cast him as their favourite for the first minister to leave. But Mr Smithson isn't convinced:

"He's also well known and is, of course, one of those Lib Dem politicians who started as Labour, switched to the newly formed SDP in the early 80s and now find themselves in a Tory-led government.
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"He might well be the first to leave but he's certainly not worth his 2/1 favourite status. This is one market I'm avoiding because in the absence something personally untoward for one of them I can't see any changes in the near future. Cameron and Clegg will surely stick with their initial team until next summer at the earliest?"

that Vince Cable's views on bankers' bonuses are irrelevant:

"[L]et's see what George Osborne has to say about bankers' bonuses when the Chancellor addresses the Conservative Party conference in a couple of weeks' time. As the only Coalition Government minister with the power to crack down on bonuses, via some sort of tax charge, he's much more worth listening to than Messrs Clegg and Cable, even if they must have relished to chance to throw their party a bone."

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