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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.

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
Warning
Uncontrolled
Economics
Generating
Road
Hyper
Hope
Monetary
School
Robert
Might
Inflation
Long
Expansion
Mugabe
Provides
Salutary

More quotes by Vince Cable

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When my job was attempting to predict future economic developments for the Shell oil company, I was frequently reminded of an Arabic saying: 'Those who claim to foresee the future are lying, even if by chance they are later proved right.'
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The Tories are now the party of rural areas and Labour essentially is in the big cities
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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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I am going to confront the old-fashioned negative thinking which says that all government needs to do to generate growth is cut worker and environmental protections, cut taxes on the rich and stroke 'fat cats' until they purr with pleasure. I'm completely repudiating the idea that government has to get out of the way.
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Much of the shadow banking sector, a major contributor to the economic crisis, was also only possible because of taxhaven secrecy.
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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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I don't feel comfortable with luxury, and I try to stay fairly normal.
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I'm now happily remarried to a good cook, which encourages me to be lazy. I like to think that I'm a new man, but perhaps I'm not. I offset it by doing the ironing, though. She has a small farm in the New Forest with a herd of cattle, so she serves up a steak and kidney pie made with her own beef.
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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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The economy has become seriously unbalanced. Its growth has not been driven by investment or by overcoming Britain's long-standing weaknesses in investment and productivity, particularly skills. Instead, there has been a binge of debt-financed consumer spending.
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I think what is happening is I think first of all there is confidence in the U.K. economy. We're in a German rather than a Greek position in international financial markets, which is very positive and keeps our debt service costs down, and we're also beginning to see real evidence of rebalancing.
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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 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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Britain is no longer one of the world's price setters. It is painful. It is a challenge to us in government to explain all that, and it is a pity that the political class is not preparing the public for it to understand how massive the problem is.
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I made friends with a boy who was a communist when I was 13 and that broadened my political views, but it also brought me into conflict with my father who was very Right-wing.
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And humility in politics means accepting that one party doesn't have all the answers recognising that working in partnership is progress not treachery.
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I know it sounds trite but I wanted to make a difference. Political debates with my father had been fraught because he was uncompromising and explosive but if he taught me one thing it was to air my views.
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In my job I meet many outstanding, world class, British based companies. But we need more companies and more jobs in the companies we have.
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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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The food in the House of Commons is fairly good. The cafe in Portcullis House is really very high quality, and you also have a choice of eating in the more traditional restaurants, the Churchill Room or the Members' Dining Room. I don't often eat in them, though, as I'm usually on the run.
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