The Over-Rated Vince Cable

Vince Cable is much over-rated, he sounds plausible, reasonable even, but in reality he talks in populist platitudes. He was for the nationalisation of Northern Rock before he was against it. He was for tax hikes before he was for tax cuts. The LibDems now say they are looking for £20 billion in spending cuts, yet they also are telling party activists they are not going to cut the overall burden of taxes, merely shift the burden on to the rich. How are they going to simultaneously boost public sector housing by buying up empty and unsold private sector capacity?

It doesn’t add up. Ask them where the spending cuts are going to come from and they mention ID cards and getting rid of BERR. – nowhere near the amount required. LibDem activists think Cable is some kid of economic seer, “he warned about debt” – so did every orthodox economist, “he told them to nationalise Northern Rock” and the taxpayers will have to pay the high price for that.

His latest populist policy wheeze is to force every state bureaucrat on over £100,000 to re-apply for their job and/or take a pay cut. As much as Guido hates public sector profligacy this gimmick is not the way to tackle it, the legal difficulties are legion (they have contracts). The practical difficulties are so immense it is bordering on crackpot. The LibDem conference loved it…




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Boris on Osborne and Project Fear:

Unemployment has fallen by 250,000 to a new low of 4.2 per cent while record numbers of jobs have been created – including no fewer than 8 for the former chancellor and chief architect of project fear who has become a glorious living rebuttal of his own preposterous warnings.”

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