Cable: Put aside the City's whingeing
December 27, 2011 5:54 PM
Originally published by Twickenham & Richmond Liberal Democrats
Originally published by Twickenham & Richmond Liberal Democrats
• [Dec 20] Vince Cable writes: THE recent row over David Cameron's eurozone veto has exposed two radically different views of financial services and the City of London. One is that it is a vital national interest . . The other is that it is a source of systemic instability, unfettered greed and industrial-scale tax dodging . . The uncomfortable truth is that both of these caricatures are true . .
The issue of EU financial services regulation is, in any event, a sideshow compared to the much bigger question of averting a catastrophic outcome to the eurozone crisis and a deep European slump. And in the UK we need to put the whingeing of the City to one side and concentrate on delivering our core narrative, to achieve growth by rebalancing the UK economy. Towards advanced manufacturing, creative industries, higher education and professional services - and therefore with less reliance on banking - from London to provincial Britain. The bankers don't speak for Britain; the coalition will not put their interests above the rest of the country.
• Put aside the City's whingeing [Cable, Comment is Free Dec 20]
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