Vince Cable is an idiot. This is not the first time, nor will it be the last time, that I write these words. Once again he shows himself to be a grandstanding nutter with virtually no understanding of business, banking, economics or indeed anything.
Here he is, ranting like a good 'un.
This quote is worth showing in full, emphasis mine:
"The Government's agenda, is not one of laissez-faire. Markets are often irrational or rigged," he will say. "So I am shining a harsh light into the murky world of corporate behaviour. Why should good companies be destroyed by short-term investors looking for a speculative killing, while their accomplices in the City make fat fees? Why do directors forget their duties when a fat cheque is waved before them? Capitalism takes no prisoners and kills competition where it can."
Ah-hah. Capitalism kills competition. So, what do you suggest then Vince? Oh, nothing. Just ranting then.
"Mr. Cable will tell the conference that he believes bankers pose more of a threat than trade unions."
This is the Business Secretary speaking. Words fail me.
As an aside, this whole episode also proves beyond doubt that no tax is ever repealed. EVER. This bonus tax will stay forever, and the Coalition will show themselves to be every bit as anti-business as their predecessors. Any politician that says a tax is temporary is a liar, and should be called out as such.