During the financial crisis and subsequent recession it was rare to go a weekend without Vince Cable making an appearance on our television screens to share his thoughts on the latest piece of economic news. Since entering government as the coalition’s business secretary, though, he has kept his wider economic analysis more-or-less to himself, concentrating instead on the important task of running his department.
However, yesterday Vince took part in a talk at the Guardian Open Weekend, in conversation with Observer columnist Will Hutton, where he shared his thoughts on the economic recovery, the future of the banking system and – perhaps most interestingly – on changing the focus of the Bank of England. Here are the highlights, courtesy of the Guardian:
* Nick Thornsby is a day editor at Lib Dem Voice.
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Fascinating stuff. Sounds like Vince is in favour of a national investment bank. What do LDV readers think of that?
Geoffrey, this is actually an historic interview. He was asked directly whether he favoured NGDP tagetting and he said, “For it” and then commented that the economic logic for it was ‘impessable’.
He is now the first cabinet minister in favour. Next Clegg? Next Alexander and Next Davey? This needs to be a Lib Dem campaign.
Of course the issue now is what that target should be.
Both at Gateshead and in this interview, Vince is working through the problems of rebuilding British industry. At Gateshead, he emphasised the aim to rebuild supply chains – which really means bringing manufacturing back to Britain that has gone abroad in the last 10 years. In this interview he talks about how Bank of England priorities can be set to achieve industrial growth.
As a manufacturer, I do believe that industrial growth is a slow, step by step process. Often it is about getting into the emerging technologies early, and having the technical resource and financial backing to develop products in these new areas.
Back in 2009 in the North West, a group of us concluded that clusters of excellence were an effective way to grow, whether it’s aerospace, pharmaceuticals or the car industry.
What is very positive about this interview is how the argument is slowly being won for British industry.