Vincent Cable
Encyclopedia
Dr. John Vincent "Vince" Cable (born 9 May 1943) is a British
British people
The British are citizens of the United Kingdom, of the Isle of Man, any of the Channel Islands, or of any of the British overseas territories, and their descendants...

 Liberal Democrat
Liberal Democrats
The Liberal Democrats are a social liberal political party in the United Kingdom which supports constitutional and electoral reform, progressive taxation, wealth taxation, human rights laws, cultural liberalism, banking reform and civil liberties .The party was formed in 1988 by a merger of the...

 politician and economist who is currently the Business Secretary in the coalition cabinet
Cameron Ministry
David Cameron is Prime Minister of the United Kingdom, after being invited by Queen Elizabeth II to form a new government after the resignation as Prime Minister of Gordon Brown on 11 May 2010. Leading a coalition government formed by the Conservative Party and the Liberal Democrats, the coalition...

 of David Cameron
David Cameron
David William Donald Cameron is the current Prime Minister of the United Kingdom, First Lord of the Treasury, Minister for the Civil Service and Leader of the Conservative Party. Cameron represents Witney as its Member of Parliament ....

. He has been Member of Parliament for Twickenham
Twickenham (UK Parliament constituency)
Twickenham is a borough constituency represented in the House of Commons of the Parliament of the United Kingdom. It elects one Member of Parliament by the first past the post system of election.-Boundaries:...

 since 1997.
Cable studied economics at university and became an economic advisor to the Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...

n government in 1966. He was an advisor to the British government and to the Commonwealth Secretary-General
Commonwealth Secretary-General
The Commonwealth Secretary-General is the head of the Commonwealth Secretariat, the central body which has served the Commonwealth of Nations since its establishment in 1965, and responsible for representing the Commonwealth publicly...

 in the 1970s and 1980s. Later, he served as Chief Economist for the oil company Shell
Royal Dutch Shell
Royal Dutch Shell plc , commonly known as Shell, is a global oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the fifth-largest company in the world according to a composite measure by Forbes magazine and one of the six...

 from 1995 to 1997. In 1970s, Cable was active in the Labour Party
Labour Party (UK)
The Labour Party is a centre-left democratic socialist party in the United Kingdom. It surpassed the Liberal Party in general elections during the early 1920s, forming minority governments under Ramsay MacDonald in 1924 and 1929-1931. The party was in a wartime coalition from 1940 to 1945, after...

 and became a Glasgow councillor. However in 1982, he joined the Social Democratic Party
Social Democratic Party (UK)
The Social Democratic Party was a political party in the United Kingdom that was created on 26 March 1981 and existed until 1988. It was founded by four senior Labour Party 'moderates', dubbed the 'Gang of Four': Roy Jenkins, David Owen, Bill Rodgers and Shirley Williams...

 which would go on to form the Liberal Democrats, and he unsuccessfully contested seats in the elections of 1983, 1987 and 1992 until being elected as the MP for the London constituency of Twickenham
Twickenham (UK Parliament constituency)
Twickenham is a borough constituency represented in the House of Commons of the Parliament of the United Kingdom. It elects one Member of Parliament by the first past the post system of election.-Boundaries:...

 in the 1997 general election
United Kingdom general election, 1997
The United Kingdom general election, 1997 was held on 1 May 1997, more than five years after the previous election on 9 April 1992, to elect 659 members to the British House of Commons. The Labour Party ended its 18 years in opposition under the leadership of Tony Blair, and won the general...

.

Cable was the Liberal Democrats' main economic spokesperson from 2003 to May 2010. He was elected Deputy Leader
Liberal Democrats deputy leadership election, 2006
The 2006 Liberal Democrats deputy leadership election began on March 2, 2006, when the sitting Deputy Leader of the Liberal Democrats, Sir Menzies Campbell, was elected leader of the party. Campbell had been deputy leader since February 2003....

 of the Liberal Democrats in the House of Commons in March 2006, and following Sir Menzies Campbell
Menzies Campbell
Sir Walter Menzies "Ming" Campbell, CBE, QC, MP is a British Liberal Democrat politician and advocate, and a retired sprinter. He is the Member of Parliament for North East Fife, and was the Leader of the Liberal Democrats from 2 March 2006 until 15 October 2007.Campbell held the British record...

's resignation, he was acting leader for two months—from October 2007 until the election of Nick Clegg
Nick Clegg
Nicholas William Peter "Nick" Clegg is a British Liberal Democrat politician who is currently the Deputy Prime Minister, Lord President of the Council and Minister for Constitutional and Political Reform in the coalition government of which David Cameron is the Prime Minister...

. He resigned from his position as Deputy Leader in May 2010.

Cable has had a high profile since the financial crisis of 2007–2010 and has written several books on economics and trade.

Early life and education

Cable was born in York
York
York is a walled city, situated at the confluence of the Rivers Ouse and Foss in North Yorkshire, England. The city has a rich heritage and has provided the backdrop to major political events throughout much of its two millennia of existence...

 and attended Nunthorpe Grammar School. He then went on to Cambridge University
University of Cambridge
The University of Cambridge is a public research university located in Cambridge, United Kingdom. It is the second-oldest university in both the United Kingdom and the English-speaking world , and the seventh-oldest globally...

 (Fitzwilliam College
Fitzwilliam College, Cambridge
Fitzwilliam College is one of the constituent colleges of the University of Cambridge in England.The college traces its origins back to 1869 and the foundation of the Non-Collegiate Students Board, a venture intended to offer students from less financially privileged backgrounds a chance to study...

), where he initially studied Natural Sciences and later switched to Economics. He was the President of the Cambridge Union
Cambridge Union Society
The Cambridge Union Society, commonly referred to as simply "the Cambridge Union" or "the Union," is a debating society in Cambridge, England and is the largest society at the University of Cambridge. Since its founding in 1815, the Union has developed a worldwide reputation as a noted symbol of...

 in 1965. He was also a committee member and later president-elect of the Cambridge University Liberal Club, however he resigned from the Liberals before taking up the office of president.

He later received a PhD
PHD
PHD may refer to:*Ph.D., a doctorate of philosophy*Ph.D. , a 1980s British group*PHD finger, a protein sequence*PHD Mountain Software, an outdoor clothing and equipment company*PhD Docbook renderer, an XML renderer...

 in Economics from the University of Glasgow
University of Glasgow
The University of Glasgow is the fourth-oldest university in the English-speaking world and one of Scotland's four ancient universities. Located in Glasgow, the university was founded in 1451 and is presently one of seventeen British higher education institutions ranked amongst the top 100 of the...

. After Cambridge, he was an Overseas Development Institute
Overseas Development Institute
The Overseas Development Institute is one of the leading independent think tanks on international development and humanitarian issues. Based in London, its mission is "to inspire and inform policy and practice which lead to the reduction of poverty, the alleviation of suffering and the achievement...

 Fellow (ODI Nuffield Fellow) and worked in Kenya where he met his first wife.

Economics career

Cable lectured for a time at the University of Glasgow
University of Glasgow
The University of Glasgow is the fourth-oldest university in the English-speaking world and one of Scotland's four ancient universities. Located in Glasgow, the university was founded in 1451 and is presently one of seventeen British higher education institutions ranked amongst the top 100 of the...

 and the London School of Economics
London School of Economics
The London School of Economics and Political Science is a public research university specialised in the social sciences located in London, United Kingdom, and a constituent college of the federal University of London...

. From 1966 to 1968, he was a Treasury Finance Officer to the Kenyan Government.

In the 1970s, he was special advisor to John Smith when the latter was Industry Secretary. He was an advisor to the British government and then to the Commonwealth Secretary-General
Commonwealth Secretary-General
The Commonwealth Secretary-General is the head of the Commonwealth Secretariat, the central body which has served the Commonwealth of Nations since its establishment in 1965, and responsible for representing the Commonwealth publicly...

 in the 1970s and 1980s.

Later, he served as Chief Economist for the oil company Royal Dutch Shell
Royal Dutch Shell
Royal Dutch Shell plc , commonly known as Shell, is a global oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the fifth-largest company in the world according to a composite measure by Forbes magazine and one of the six...

 from 1995 to 1997. Questions have been asked in a left-leaning magazine about his role at Shell during a period when the company came under fierce criticism for its claimed role in a turbulent era of Nigerian politics.

Early years

At university, Cable was a member of the Liberal Party
Liberal Party (UK)
The Liberal Party was one of the two major political parties of the United Kingdom during the 19th and early 20th centuries. It was a third party of negligible importance throughout the latter half of the 20th Century, before merging with the Social Democratic Party in 1988 to form the present day...

 but then joined the Labour Party
Labour Party (UK)
The Labour Party is a centre-left democratic socialist party in the United Kingdom. It surpassed the Liberal Party in general elections during the early 1920s, forming minority governments under Ramsay MacDonald in 1924 and 1929-1931. The party was in a wartime coalition from 1940 to 1945, after...

. In 1970, he unsuccessfully fought Glasgow Hillhead
Glasgow Hillhead (UK Parliament constituency)
Glasgow Hillhead was a parliamentary constituency represented in the House of Commons of the Parliament of the United Kingdom from 1918 until 1997...

 for Labour, and later became a Glasgow councillor. In 1979, he sought the Labour nomination for Hampstead
Hampstead (UK Parliament constituency)
Hampstead was a borough constituency, centered on the Hampstead area of North London. It returned one Member of Parliament to the House of Commons of the Parliament of the United Kingdom, who was elected using the first-past-the-post voting system....

, losing to Ken Livingstone
Ken Livingstone
Kenneth Robert "Ken" Livingstone is an English politician who is currently a member of the centrist to centre-left Labour Party...

, who was unsuccessful in taking the seat.

In February 1982, he joined the recently created Social Democratic Party
Social Democratic Party (UK)
The Social Democratic Party was a political party in the United Kingdom that was created on 26 March 1981 and existed until 1988. It was founded by four senior Labour Party 'moderates', dubbed the 'Gang of Four': Roy Jenkins, David Owen, Bill Rodgers and Shirley Williams...

 (SDP). He was the SDP-Liberal Alliance
SDP-Liberal Alliance
The SDP–Liberal Alliance was an electoral pact formed by the Social Democratic Party and the Liberal Party in the United Kingdom which was in existence from 1981 to 1988, when the bulk of the two parties merged to form the Social and Liberal Democrats, later referred to as simply the Liberal...

 parliamentary candidate for his home city of York in both the 1983 and 1987 general elections. Following the 1988 merger of the alliance, he lost his 1992 general election
United Kingdom general election, 1992
The United Kingdom general election of 1992 was held on 9 April 1992, and was the fourth consecutive victory for the Conservative Party. This election result was one of the biggest surprises in 20th Century politics, as polling leading up to the day of the election showed Labour under leader Neil...

 bid as a Liberal Democrat to unseat Conservative
Conservative Party (UK)
The Conservative Party, formally the Conservative and Unionist Party, is a centre-right political party in the United Kingdom that adheres to the philosophies of conservatism and British unionism. It is the largest political party in the UK, and is currently the largest single party in the House...

 MP Toby Jessel
Toby Jessel
Toby Henry Francis Jessel is a British Conservative Party politician.-Early life:Jessel was educated at the Royal Naval College, Dartmouth and Balliol College, Oxford and was an exporter...

 in the Twickenham constituency, but successfully defeated Jessel at the 1997 general election
United Kingdom general election, 1997
The United Kingdom general election, 1997 was held on 1 May 1997, more than five years after the previous election on 9 April 1992, to elect 659 members to the British House of Commons. The Labour Party ended its 18 years in opposition under the leadership of Tony Blair, and won the general...

.

Member of Parliament (1997 - present)

Cable entered the House of Commons after unseating Conservative
Conservative Party (UK)
The Conservative Party, formally the Conservative and Unionist Party, is a centre-right political party in the United Kingdom that adheres to the philosophies of conservatism and British unionism. It is the largest political party in the UK, and is currently the largest single party in the House...

 MP Toby Jessel
Toby Jessel
Toby Henry Francis Jessel is a British Conservative Party politician.-Early life:Jessel was educated at the Royal Naval College, Dartmouth and Balliol College, Oxford and was an exporter...

 in the Twickenham constituency at the second attempt, in the 1997 general election
United Kingdom general election, 1997
The United Kingdom general election, 1997 was held on 1 May 1997, more than five years after the previous election on 9 April 1992, to elect 659 members to the British House of Commons. The Labour Party ended its 18 years in opposition under the leadership of Tony Blair, and won the general...

. He subsequently increased his majority in the elections of 2001
United Kingdom general election, 2001
The United Kingdom general election, 2001 was held on Thursday 7 June 2001 to elect 659 members to the British House of Commons. It was dubbed "the quiet landslide" by the media, as the Labour Party was re-elected with another landslide result and only suffered a net loss of 6 seats...

, 2005
United Kingdom general election, 2005
The United Kingdom general election of 2005 was held on Thursday, 5 May 2005 to elect 646 members to the British House of Commons. The Labour Party under Tony Blair won its third consecutive victory, but with a majority of 66, reduced from 160....

 and increased still further in 2010.

In 2004, Cable contributed to the Orange Book and is identified with the economic liberal
Economic liberalism
Economic liberalism is the ideological belief in giving all people economic freedom, and as such granting people with more basis to control their own lives and make their own mistakes. It is an economic philosophy that supports and promotes individual liberty and choice in economic matters and...

 wing of the party. He believes that the Liberal Democrats should stand for "fairer taxes, not higher taxes". However, Cable describes himself as being a social democrat
Social democracy
Social democracy is a political ideology of the center-left on the political spectrum. Social democracy is officially a form of evolutionary reformist socialism. It supports class collaboration as the course to achieve socialism...

.

Prior to the 2005 Liberal Democrat party conference, Cable did not rule out the possibility that the Lib Dems might form a coalition government with the Conservative Party in the event of a hung parliament at the next general election. Then party leader Charles Kennedy
Charles Kennedy
Charles Peter Kennedy is a British Liberal Democrat politician, who led the Liberal Democrats from 9 August 1999 until 7 January 2006 and is currently a Member of Parliament for the Ross, Skye and Lochaber constituency....

 said that the party would remain an "independent political force".

In late 2005 or early 2006, Cable presented Charles Kennedy a letter signed by eleven out of the twenty-three frontbenchers, including himself, expressing a lack of confidence in Kennedy's leadership of the Liberal Democrats. On 5 January 2006, because of pressure from his frontbench team and an ITN News report documenting his alcoholism, Charles Kennedy announced a leadership election
Liberal Democrats leadership election, 2006
In the 2006 Liberal Democrats leadership election, Sir Menzies Campbell was elected to succeed Charles Kennedy as Leader of the Liberal Democrats, the third-largest political party in the United Kingdom....

 in which he pledged to stand for re-election. However, he resigned on 7 January. Cable passed on the opportunity to run for the party leadership himself, instead supporting Sir Menzies Campbell
Menzies Campbell
Sir Walter Menzies "Ming" Campbell, CBE, QC, MP is a British Liberal Democrat politician and advocate, and a retired sprinter. He is the Member of Parliament for North East Fife, and was the Leader of the Liberal Democrats from 2 March 2006 until 15 October 2007.Campbell held the British record...

's bid.

Deputy Leader of the Liberal Democrats (2006 - 2010)

Since being elected deputy leader in March 2006, Cable continued to rise in status within the party until doubts were first raised about his judgement after his idea for a much mocked "mansion tax" when he appeared unable to understand the likely practical difficulties with such a tax. The idea was quickly buried following the 2010 election.
He won plaudits for his repeated warnings and campaigns on the high level of personal debt in Britain. His was a significant voice of criticism during the Northern Rock
Northern Rock
Northern Rock plc is a British bank, best known for becoming the first bank in 150 years to suffer a bank run after having had to approach the Bank of England for a loan facility, to replace money market funding, during the credit crisis in 2007.  Having failed to find a commercial buyer for...

 crisis, calling for the nationalisation of the bank, capitalising on the claimed indecisiveness of both the Labour government and Conservative opposition on the issue.

In May 2010, Cable declared his resignation as deputy leader to dedicate more time to his Cabinet role as Business Secretary. His responsibilities and authority were somewhat reduced when it was revealed in December 2010 that he had boasted to Daily Telegraph reporters posing as constituents of his "nuclear option" to bring the government down by his resignation. Still worse he claimed to the reporters that he had "declared war" on Rupert Murdoch of News Corporation despite having the responsibility to impartially arbitrate on the News Corporation bid to acquire the remaining 60.9% of BSkyB it did not already own. Amid cries for his resignation or sacking, all his responsibilities concerning the bid were removed. Cable did not resign. Some have pointed to how important he must be to the coalition to have not been sacked over the issue, bearing in mind that Murdoch and News Corp are powerful allies of the Conservative Party.

Following the earlier example of Ann Widdecombe, Cable was then a contestant in the BBC's Christmas 2010 "Strictly Come Dancing" contest but failed to win. The Guardian ran the headline:"From Saint Vince to Mr Bean"

Acting leader of the Liberal Democrats (2007)

With the resignation of Menzies Campbell as party leader on 15 October 2007, Vincent Cable as Deputy Leader automatically succeeded him as party leader pending a leadership election. Asked on Channel 4 News
Channel 4 News
Channel 4 News is the news division of British television broadcaster Channel 4. It is produced by ITN, and has been in operation since the broadcaster's launch in 1982.-Channel 4 News:...

 that day by Jon Snow
Jon Snow
Jon Snow is an English journalist and presenter, currently employed by ITN. He is best known for presenting Channel 4 News.He was Chancellor of Oxford Brookes University from 2001 to 2008.-Early life:...

 whether he would be a candidate for the leadership, he refused to rule himself in or out at such an early stage, but a few days later did rule himself out.
Cable received significant acclaim during his tenure as acting party leader, with particular praise for his strong performances at Prime Minister's Questions
Prime Minister's Questions
Prime minister's questions is a constitutional convention in the United Kingdom that takes place every Wednesday during which the prime minister spends half an hour answering questions from members of parliament...

. He was popular in the party and media for his attacks on the government's record over Northern Rock
Northern Rock
Northern Rock plc is a British bank, best known for becoming the first bank in 150 years to suffer a bank run after having had to approach the Bank of England for a loan facility, to replace money market funding, during the credit crisis in 2007.  Having failed to find a commercial buyer for...

, HMRC's
Her Majesty's Revenue and Customs
Her Majesty's Revenue and Customs is a non-ministerial department of the UK Government responsible for the collection of taxes and the payment of some forms of state support....

 loss of 25 million individuals' child benefit data and the party funding scandal surrounding David Abrahams' secret donations to the Labour Party
Labour Party (UK)
The Labour Party is a centre-left democratic socialist party in the United Kingdom. It surpassed the Liberal Party in general elections during the early 1920s, forming minority governments under Ramsay MacDonald in 1924 and 1929-1931. The party was in a wartime coalition from 1940 to 1945, after...

. The latter attracted for Cable positive media attention for a joke at PMQs describing Gordon Brown's "remarkable transformation in the last few weeks from Stalin
Joseph Stalin
Joseph Vissarionovich Stalin was the Premier of the Soviet Union from 6 May 1941 to 5 March 1953. He was among the Bolshevik revolutionaries who brought about the October Revolution and had held the position of first General Secretary of the Communist Party of the Soviet Union's Central Committee...

 to Mr Bean, creating chaos out of order rather than order out of chaos", called by The Economist
The Economist
The Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd. and edited in offices in the City of Westminster, London, England. Continuous publication began under founder James Wilson in September 1843...

, "the single best line of Gordon Brown's premiership".

Global financial crisis

Cable is credited by some with prescience of the global financial crisis of 2007–2010. In November 2003, Cable asked Gordon Brown, then Chancellor, "Is not the brutal truth that ... the growth of the British economy is sustained by consumer spending pinned against record levels of personal debt, which is secured, if at all, against house prices that the Bank of England describes as well above equilibrium level?" Brown replied, "As the Bank of England said yesterday, consumer spending is returning to trend. The Governor said,
'there is no indication that the scale of debt problems have ... risen markedly in the last five years.' He also said that the fraction of household income used up in debt service is lower than it was then."

In his book The Storm, Cable writes, "The trigger for the current global financial crisis was the US mortgage market and, indeed, the scale of improvident and unscrupulous lending on that side of the Atlantic dwarfs into insignificance the escapades of our own banks." In an interview about the book, Cable was asked whether he had warned about this. Cable replied, "No, I didn’t. That’s quite true." He continued, "But you’re quite right, and one of the problems of being a British MP is that you do tend to get rather parochial and I haven’t been to the States for years and years, so I wouldn’t claim to have any feel for what’s been going on there."

Cable has also been vocal over the bonus culture in the banking system. He has called for bonuses to all bank employees to be frozen.

However, Cable has been criticised by some, Conservatives particularly, for 'flip-flopping' on issues in connection with the crisis. For example, he is accused of criticising the Government's policy of 'quantitative easing
Quantitative easing
Quantitative easing is an unconventional monetary policy used by central banks to stimulate the national economy when conventional monetary policy has become ineffective. A central bank buys financial assets to inject a pre-determined quantity of money into the economy...

', when in January 2009 he used the phrase "the Robert Mugabe
Robert Mugabe
Robert Gabriel Mugabe is the President of Zimbabwe. As one of the leaders of the liberation movement against white-minority rule, he was elected into power in 1980...

 school of economics", while in March 2009 he said, "directly increasing the amount of money flowing into the economy is now the only clear option". He has responded to deny this claim, saying that he had been warning of the dangers if QE was not managed properly, and the Liberal Democrats also have responded that he was making the point that QE "needed to be managed with a great deal of care".

On the issue of fiscal stimulus, Cable told the BBC in October 2008, "it is entirely wrong for the government to assume the economy should be stimulated by yet more public spending rather than tax cuts". In February 2009, however, he said, "we believe — and the Government say that they believe — in the need for a fiscal stimulus. Despite the severe financial constraints on the public sector, we believe that such a stimulus is right and necessary".

On the principle of the independence of the Bank of England, Cable said at the 2008 Liberal Democrat party conference, "The Government must not compromise the independence of the Bank of England by telling it to slash interest rates." The following month, though, he called on the Chancellor to urge the Governor of the Bank to make "a large cut in interest rates". The Liberal Democrats have responded that this in no way changes their policy on Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...

 independence.

Expenses

A Twickenham resident, Vince Cable commutes by train into central London daily and so claims the 'London Supplement' instead of the Additional Costs Allowance. However, the Daily Telegraph reported in May 2009 that he had been unaware that he was entitled to the London Supplement and so in 2004 wrote to the Fees Office to ask if he could receive retrospective payments for 2002–03 and 2003–04. The Fees Office refused the request, informing Cable that these accounts were already closed.

When overall MP allowances are ranked, Cable came in 568th for 2007–08 (out of 645 MPs). The Daily Telegraph also noted that he did not take a recent 2.33% salary rise.

Coalition government minister (2010 - present)

At the 2010 General Election Cable was again returned as MP for Twickenham. With the election resulting in a hung parliament
Hung parliament
In a two-party parliamentary system of government, a hung parliament occurs when neither major political party has an absolute majority of seats in the parliament . It is also less commonly known as a balanced parliament or a legislature under no overall control...

, Cable was a key figure in coalition talks, particularly the unsuccessful negotiations with the Labour Party. The Liberal Democrats entered a coalition agreement
Conservative – Liberal Democrat Coalition Agreement
The Conservative – Liberal Democrat Coalition Agreement was a policy document drawn up following the 2010 general election in the United Kingdom...

 with the Conservative Party
Conservative Party (UK)
The Conservative Party, formally the Conservative and Unionist Party, is a centre-right political party in the United Kingdom that adheres to the philosophies of conservatism and British unionism. It is the largest political party in the UK, and is currently the largest single party in the House...

 on 11 May 2010, and Cable was appointed Secretary of State for Business, Innovation and Skills on 12 May. The Queen approved his appointment as a Privy Counsellor, and he formally joined the Council on 13 May.

In May 2010, Cable insisted the coalition government was not split over planned increases to non-business capital gains tax, which some thought would raise taxes on sales of second homes by 40% or 50%. Senior Tory MPs attacked the rise as a tax on the middle classes and a betrayal of Conservative values. Cable told BBC News it was a "key" part of the coalition deal and there was no disagreement over it between the coalition partners. Cable said the changes to capital gains tax would help to fulfil the Lib Dem aim of bringing more "fairness" to the tax system: "It's very important that we have wealth taxed in the same way as income." He continued,
He insisted there was no real disagreement at the top of government over the changes: "It's not actually an argument between the coalition partners, as I understand it, It's an argument between a few Conservative backbenchers and others."

In July 2010, Cable dismissed claims that there "isn't a problem" with credit lines. He demanded that banks curb bonus payments and use the cash to boost lending instead. A green paper on bank lending that Cable launched on 26 July 2010 specifically urged banks to limit bonus and dividend payments to "pre-crisis and 2009 levels respectively". The green paper states that the move would enable banks to retain £10bn of additional capital in 2010 could in turn sustain £50bn of new lending. Cable's demands came as the Forum of Private Business said that small firms were finding it harder to secure loans. The trade body said its latest Economy Watch survey found that there was a "significant demand" not being met by banks with conditions worsening in recent weeks. The FPB said that 1pc of respondents said access to finance has improved, compared to 3pc in May, and 15pc said it has worsened. In addition, 67pc said they had seen no changes in their ability to secure loans.

The British left wing press was often critical of his role in the coalition, from The Guardian
The Guardian
The Guardian, formerly known as The Manchester Guardian , is a British national daily newspaper in the Berliner format...

 to the low-circulation communist daily The Morning Star
The Morning Star
The Morning Star is a left wing British daily tabloid newspaper with a focus on social and trade union issues. Articles and comment columns are contributed by writers from socialist, social democratic, green and religious perspectives....

 describing him as "the man who started off a Lib Dem and now looks more convincingly Tory than most of the Tory frontbench" for his role in supporting public spending cuts.

In September 2010, during a speech to the Lib Dem conference, Cable said that bankers present more of a threat to Britain than trade unions. Cable said that "The Government's agenda is not one of laissez-faire
Laissez-faire
In economics, laissez-faire describes an environment in which transactions between private parties are free from state intervention, including restrictive regulations, taxes, tariffs and enforced monopolies....

. Markets are often irrational or rigged. 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."

After the interim report on banking by Sir John Vickers
John Vickers
Sir John Vickers is a British economist, and Warden of All Souls College, Oxford.-Education:Sir John was educated at Eastbourne Grammar School and Oriel College, Oxford, culminating in his graduating with a DPhil from Oxford.-Career:...

 was published in April 2011, Cable said: "I read it over the weekend and I was very impressed with the quality of the analysis. "It does address head on the issue of banks that are too big to fail, the dependency on the government guarantee. It makes the case for separation," he added.

In June 2011 Cable said "rewards for failure" were unforgivable at a time when real wages were being squeezed across the country. Speaking yesterday at the Association of British Insurer's biennial conference, the Liberal Democrat cabinet minister warned he planned to bring "excessive and unjustified" pay under control by launching a fresh consultation into the subject next month. "Britain does have some world-class executives and one of the real privileges of my job is dealing with them," he said. "But let's not forget that, using the FTSE 100 as a benchmark, investors have barely seen a return since the turn of the century. For most of that time, they would have been better off investing in government bonds. "And yet, in 2010, average total pay for FTSE 100 chief executives was 120 times that of the average UK employee. Back in 1998, the multiple was 45."

Tuition fees

During the autumn of 2010 Cable's stance on university tuition fees, attracted media attention. Before the 2010 general election he and other Liberal Democrat MPs signed a pledge to oppose any rise in tuition fees. Cable as government Minister for Business, Innovation and Skills, is responsible for higher education. Cable stated he might abstain from voting on the policy changing tuition fees. Cable subsequently voted for the policy.

December 2010 Daily Telegraph comments

In late December 2010, undercover reporters from The Daily Telegraph
The Daily Telegraph
The Daily Telegraph is a daily morning broadsheet newspaper distributed throughout the United Kingdom and internationally. The newspaper was founded by Arthur B...

, posing as constituents, set up a meeting with Cable, who expressed frustration with being in the coalition and compared it to "fighting a war"; he stated he had "a nuclear option... if they push me too far then I can walk out and bring the government down and they know that", and had to "pick" his fights carefully. He also claimed the Liberal Democrats had pressed for a "very tough approach" to the UK's banks, which had been opposed by the Conservatives. He described the coalition's attempt at fast, widespread reforms (including the health service and local governments) as being a "kind of Maoist revolution", and thought "we [the government] are trying to do too many things... a lot of it is Tory inspired. The problem is not that they are Tory inspired, but that they haven’t thought them through. We should be putting a brake on them." When his comments appeared in the press, Cable stated, "Naturally I am embarrassed by these comments and I regret them", before reaffirming his commitment to the coalition government, stating that "I am proud of what it is achieving".

In an undisclosed part of the Telegraph transcript given to the BBC
BBC
The British Broadcasting Corporation is a British public service broadcaster. Its headquarters is at Broadcasting House in the City of Westminster, London. It is the largest broadcaster in the world, with about 23,000 staff...

's Robert Peston
Robert Peston
Robert Peston is a British journalist. Since February 2006, he has been the Business Editor for BBC News. He became known to a wider public with his reporting of the late-2000s financial crisis, especially with his scoop on the Northern Rock crisis.-Early life and education:Peston is the son of...

 by a whistleblower unhappy that the Telegraph had not published Cable's comments in full, Cable stated in reference to Rupert Murdoch
Rupert Murdoch
Keith Rupert Murdoch, AC, KSG is an Australian-American business magnate. He is the founder and Chairman and CEO of , the world's second-largest media conglomerate....

's News Corporation takeover bid for BSkyB
News Corporation takeover bid for BSkyB
The News Corporation takeover bid for BSkyB was a proposed takeover of British Sky Broadcasting by News Corporation, the media conglomerate of Rupert Murdoch. The bid was launched in June 2010, but was withdrawn in July 2011 following the News International phone hacking scandal...

, "I have declared war on Mr Murdoch and I think we are going to win." Following this revelation Cable had his responsibility for media affairs – including ruling on Murdoch's takeover plans – withdrawn from his role as business secretary. In May 2011 the Press Complaints Commission
Press Complaints Commission
The Press Complaints Commission is a voluntary regulatory body for British printed newspapers and magazines, consisting of representatives of the major publishers. The PCC is funded by the annual levy it charges newspapers and magazines...

 upheld a complaint regarding the Telegraphs use of subterfuge: "On this occasion, the commission was not convinced that the public interest was such as to justify proportionately this level of subterfuge." After the News of the World phone hacking scandal caused the News Corp. bid for BSkyB to collapse, Cable claimed that his views about Murdoch had been vindicated.

Personal life

Cable's first wife was Olympia Rebelo, a Goan Roman Catholic
Goan Catholics
The Goan Catholics are an ethno-religious community of Roman Catholics and their descendants from the state of Goa, located on the west coast of India. They are Konkani people and speak the Konkani language...

 whom he met "in the unromantic setting of a York mental hospital where we happened to be working as nurses during a summer vacation." He courted her while working in Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...

 as a treasury finance officer and despite the concerns of both their fathers, they married in Nairobi
Nairobi
Nairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...

's Catholic Cathedral in 1968. They had three children together and she completed her PhD at Glasgow University in 1976. Olympia Cable was diagnosed with breast cancer
Breast cancer
Breast cancer is cancer originating from breast tissue, most commonly from the inner lining of milk ducts or the lobules that supply the ducts with milk. Cancers originating from ducts are known as ductal carcinomas; those originating from lobules are known as lobular carcinomas...

 shortly after the 1987 general election
United Kingdom general election, 1987
The United Kingdom general election of 1987 was held on 11 June 1987, to elect 650 members to the British House of Commons. The election was the third consecutive election victory for the Conservative Party under the leadership of Margaret Thatcher, who became the first Prime Minister since the 2nd...

. After apparently successful treatment the disease returned in the mid 1990s and by the 1997 election
United Kingdom general election, 1997
The United Kingdom general election, 1997 was held on 1 May 1997, more than five years after the previous election on 9 April 1992, to elect 659 members to the British House of Commons. The Labour Party ended its 18 years in opposition under the leadership of Tony Blair, and won the general...

 Cable was juggling his senior post at Shell with being his wife's carer. Olympia Cable died shortly after the 2001 election.

In 2004, he married Rachel Wenban Smith. When appearing on BBC Radio 4's Desert Island Discs
Desert Island Discs
Desert Island Discs is a BBC Radio 4 programme first broadcast on 29 January 1942. It is the second longest-running radio programme , and is the longest-running factual programme in the history of radio...

 programme in January 2009, Cable revealed that he wears the wedding ring
Wedding ring
A wedding ring or wedding band is a metal ring indicating the wearer is married. Depending on the local culture, it is worn on the base of the right or the left ring finger. The custom of wearing such a ring has spread widely beyond its origin in Europe...

s from both of his marriages.

A keen ballroom dancer, Cable long expressed his desire to appear on the BBC's hit TV show Strictly Come Dancing
Strictly Come Dancing
Strictly Come Dancing is a British television show, featuring celebrities with professional dance partners competing in Ballroom and Latin dances. The title of the show suggests a continuation of the long-running series Come Dancing, with an allusion to the film Strictly Ballroom...

; he appeared on the Christmas 2010 edition of the show, partnered by Erin Boag
Erin Boag
Erin Boag is a professional ballroom dancer. She has danced from the age of three, originally starting ballet and later moving into ballroom, Latin and jazz...

 and dancing the Foxtrot. Cable was the second politician to appear on the show, after Ann Widdecombe
Ann Widdecombe
Ann Noreen Widdecombe is a former British Conservative Party politician and has been a novelist since 2000. She is a Privy Councillor and was the Member of Parliament for Maidstone from 1987 to 1997 and for Maidstone and The Weald from 1997 to 2010. She was a social conservative and a member of...

.

Cable is also a patron of the Polycystic Kidney Disease
Polycystic kidney disease
Autosomal dominant polycystic kidney disease is an inherited systemic disorder that predominantly affects the kidneys, but may affect other organs including the liver, pancreas, brain, and arterial blood vessels...

 Charity (PKD).

Styles

  • Mr John Vincent Cable (9 May 1943-1973)
  • Dr John Vincent Cable (1973-1 May 1997)
  • Dr John Vincent Cable MP (1 May 1997-13 May 2010)
  • The Right Honourable
    The Right Honourable
    The Right Honourable is an honorific prefix that is traditionally applied to certain people in the United Kingdom, Canada, Australia, New Zealand, the Anglophone Caribbean and other Commonwealth Realms, and occasionally elsewhere...

     Dr John Vincent Cable MP (13 May 2010—)

External links


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