Tag Archives: kraft

LibLink … Vince Cable: Mandelson melted like a creme egg as the vultures swooped

Over at the Mail, Lib Dem shadow chancellor Vince Cable writes about Kraft’s takeover of Cadbury, arguing that government policy has failed in three ways: by ignoring the damage mergers do to the economy; by refusing to curb the company voting rights of short-term speculators; and by letting a state-owned bank lend the money which sealed the deal. Here’s an excerpt:

I feel for the Cadbury workers, but that alone is not enough explanation for the anger over the deal and the significance of the takeover. Nor is the fact that Kraft is American. Britain has long been open to foreign

Posted in LibLink | Also tagged , and | 3 Comments

When should the state intervene? RBS, Kraft & Cadbury and the Eternal Liberal Dilemma

US firm Kraft’s proposed takeover of Cadbury’s has made headlines in recent days. First, because it’s a major, historic British brand being snapped-up by a non-UK business (or ‘foreign predator’, as Vince Cable labels them). Secondly, because of the fear that job losses will result. And, thirdly, because of the role of the Royal Bank of Scotland – in which the British government has a majority stake-holding – in lending the money to Kraft which will fund its acquisition of Cadbury’s.

The Lib Dems – in the shape of Nick Clegg and Vince – have sharply questioned the role of the Government in the takeover. At Prime Minister’s Questions yesterday, Nick asked Gordon Brown:

… there is a simple principle at stake. Tens of thousands of British companies are crying out for that money to protect jobs, and instead RBS wants to lend it to a multinational with a record of cutting jobs. When British taxpayers bailed out the banks, they would never have believed that their money would be used to put British people out of work. Is that not just plain wrong?

Posted in Op-eds and PMQs | Also tagged , , , , , , , , , and | 11 Comments
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Recent Comments

  • Peter Martin
    @ Joe, The figures on % on world trade you mentioned may well be correct. However, previously, you said: "a new Bretton Woods would require an agreem...
  • Lorenzo Cherin
    I think Sir Vince Cable, like Tony Blair, talks sense and tripe, both! I would not expel them, either of these two. Corbyn was not expelled. And he did hi...
  • Joe Bourke
    John Oundle, China is growing in terms of world trade but as regards currency use the US dollar is the global reserve currency and dominant medium of Interna...
  • Rif Winfield
    The question as to whether the Chinese practices in Xinjiang (or for that matter in Tibet or Hong Kong) constitute genocide are a matter of the legal interpreta...
  • Rif Winfield
    I am not going to offer any comment on Vince Cable's appearance on a platform with Nigel Farage except to say I consider it a misjudgment. I did not personally ...