View more on these topics

Cable attacks Labour leadership candidates

Vince Cable (pictured) has attacked the Labour leadership candidates for failing to recognise their party’s role in the economic crisis.

Speaking at a fringe event at the Liberal Democrat conference in Liverpool yesterday, Secretary of State for Business Innovation and Skills Vince Cable said Labour “created an artificial bubble which did enormous damage”.

He said: “What really, really alarms me about the Labour party is that even now, with hindsight, they cannot see what was wrong. If you listen to the Milibands and Ed Balls, the problem we got into was entirely a problem of the world economy.

“Until they come to terms with their own history we are not going to progress in terms of this debate.”

He said Labour’s reliance on “windfall income” from the City of London and from housing was an “error”.

He said: “They assumed that the bubble economy that had been created and had generated lots of revenue could last forever. It was a flawed model.

“By the time we got to 2007 and the Northern Rock crisis it was blatantly clear this was a bubble economy which was out of control and they refused to recognise it.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Socialists will never ‘get it’!

    It is frightening that the attitudes of 50-100 years ago, when they had some credibility, are still entrenched for many.

    I, and many others, predicted that in 1997 Labour would ruin everything they touched within a decade – voila!!!!!!!

    They, and most politicians, are horrible, nasty, ego driven idiots – and as for their bad points………….

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com