[email protected]: Vince Cable – Bewildered for now, but there’s anger to come

Over at the Daily Mail, Lib Dem deputy leader and shadow chancellor Vince Cable writes about the ‘financial aristocracy’ of Sir James Crosby (‘affable, very bright and self-confident’) and Glen Moreno (‘a Gold Card member of Tax Dodgers Anonymous’). Here’s an excerpt:

Surely, now that the Government has taken over and rescued several big banks using taxpayers’ money, they must be run in the public interest, not as bolt holes for the financial aristocracy. By contrast, I see more and more ordinary people being ground down by the recession and by the banks. I was visited this week by a lady from Newcastle, Christine.

She had come to London to explain to politicians what was happening there. She had worked in a factory supplying Findus with crispy pancakes and lasagne. The factory relied for its finance on an Icelandic bank. After more than 20 years’ loyal service she was made redundant with 300 others. British banks wouldn’t fill the gap.

She is a proud woman who wants to work, but when she went for her unemployment pay she was told there is no help for retraining until she has been on the dole for six months. She worries about repossession. Her home is safe for the moment since, wisely, she has a mortgage protection policy. But she has to keep up the premiums and other expenses, such as home insurance, out of her dole money.

With luck she will get through the recession. Many won’t. …

There any many thousands caught up in personal disasters like this. Most are too bewildered to be angry. But there will be anger to come. Most are unsure who to blame. But before long they will make up their minds. I suspect the financial aristocracy and the politicians who were under their spell will be first in the frame.

You can read the article in full by clicking here.

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