What does DCMD think of Vince Cable's comments on financial services and the British economy today?
DCMD has not read Vince Cable’s statement and has no intention of so doing. Dr Cable has an inflated sense of self importance. As a general rule, however, whatever he recommends, the opposite is usually the best course of action.
He said:"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: a unique network of innovative firms and workaholic employees who generate shedloads of tax revenue for UK plc. The other is that it is a source of systemic instability, unfettered greed and industrial-scale tax dodging. Antagonists line up on either side of this divide: right versus left, Europhobes versus Europhiles."The uncomfortable truth is that both of these caricatures are true. A great deal of the apparently high-minded European drive to tax and regulate Britain's enclave of Anglo-Saxon capitalism is prompted by a protectionist desire to have a bigger slice of it. And much of the patriotic flag-waving by the City disguises special pleading on behalf of banks, in particular, whose practices have caused immense damage to Britain's productive economy."
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