Cable attacks capitalism and financial sector

22 September 2010 | By Samuel Dale

Speaking at the Liberal Democrat conference in Liverpool, Cable slammed the “murky world of corporate behaviour” and insisted that the government does not have a laissez-faire economic agenda.

He says: “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 sometimes forget their wider duties when a cheque is waved before them?

Cabel adds that “spivs and gamblers” in the City and says they have done more damage to the UK economy than trade unions.

He adds: “Capitalism takes no prisoners and kills competition where it can, as Adam Smith explained over 200 years ago.

“I want to protect consumers and keep prices down and provide a level playing field for small business, so we must be vigilant right across the economy - whether in the old industries of economies textbooks or the newer privatised utilities and cosy magic circles in auditing, law or investment banking.  Competition is central to my pro market, pro business, agenda.”

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