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The degree of leverage now being reversed is on a staggering scale, and the underlying global imbalances – notably between the savers and the spenders – will require long and painful adjustment.

Vince Cable

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Vince Cable
Age: 81
Born: 1943
Born: May 9
British Politician
Economist
Politician
Jórvík
John Vincent Cable
Vincent Cable
Long
Adjustment
Savers
Scale
Imbalances
Require
Notably
Degree
Reversed
Global
Leverage
Painful
Imbalance
Degrees
Staggering
Pain
Underlying

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According to the papers, I'm miserable, alienated, and on the brink of resignation. But that's simply not where I am.
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We have sectors of the economy, aerospace is a good example, where Britain's probably the second country in the world, the automobile sector, where we've done extraordinarily well, an enormous amount of investment over the last couple of years, life sciences is another.
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Our workforce is very co-operative, very flexible, easy to work with and one of the big selling points. The idea that Britain is still back in the labour market of the '70s is utterly bizarre.
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The Robert Mugabe school of economics provides a salutary warning about uncontrolled monetary expansion in generating hyper-inflation. The road to Harare is not as long as we might hope.
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There was, of course, a global financial crisis. But our Labour predecessors left Britain exceptionally vulnerable and damaged: more personal debt than any other major economy a dangerously inflated property bubble and a bloated banking sector behaving as masters, not the servants of the people.
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My college, Fitzwilliam, was pretty good but unfashionable and I lived in digs so I was not part of the cloistered 'old college' environment, which frankly was a bit intimidating. But I worked hard and settled in by exploring politics and girls.
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Banks operate like a man who either wears his trousers round his chest, stifling breathing, as now, or round his ankles, exposing his assets. We want their trousers tied round their middle: steady lending growth particularly to productive British business, especially small scale enterprise.
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When Gordon Brown becomes prime minister, the balance sheet that reflects his economic stewardship could look very sickly indeed. He could become Labour's biggest liability, not its most marketable asset.
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The House has noticed the Prime Minister's remarkable transformation in the past few weeks, from Stalin to Mr. Bean.
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For wide swaths of training and education there are valuable spillovers which mean that the private sector needs support from the government. That is why I have been so determined to protect and grow apprenticeships and put higher education on a sustainable footing.
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Housing associations have fingered the fact that they cannot use their assets as liquidity due to Bank of England rules unlike their continental equivalents. This has emerged to be one of the main bottlenecks to getting investment going in the U.K. It is a Bank of England issue.
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Fundamental renegotiation is very, very unlikely to produce any significant change
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Billions of taxpayers' money has been wasted in bad deals. The London Underground modernisation, personally negotiated by one of Gordon Brown's team, was a disaster, as the National Audit Office has confirmed.
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Quite apart from the problem of the vote, it's bad for the image of Parliament that people take the trouble to come up and are not allowed to see their MP.
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Many of our problems are home-grown. Gordon Brown regularly advised the rest of the world to follow his British model of growth. But the model was flawed. It led to the highest level of household debt in relation to income in the world.
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Well, as I said, you know the issue of Greek debt, they've grasped the principle of debt reduction. I think most people would argue that probably more needs to be done on that front, and they've just begun to take the first steps to accepting that there's going to have to be much closer economic integration in Europe.
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Taxes shouldn't be higher they should be fairer. We must be a party that's disciplined. We must make tough choices.
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When I was a child we were sufficiently well off for me to be a picky eater and I still cannot eat vegetables cooked in the traditional British manner.
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So I went into government with a clear mind about what the problems were, and what needed to be done.
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My time at Shell was a most valuable experience because it taught me to look at the world in a long-term way. Shell takes a 20-year view on events and plans for different scenarios. It makes you see the world as a kind of large matrix.
Vince Cable