Vince Cable and Arthur Daley bankers

Vince Cable attacked gamblers and spivs claiming that they are a larger threat to the economy than union leaders, but the dubious characters he were referring to were not Arthur Daley’s but bankers . At a Liverpool Liberal Democrat conference the Business Secretary told attendees that the public should be angered by the bonuses that the bankers have been receiving.

Cable refused to back down or tone his comments down after business leaders have responded negatively.  He said that capitalism is murky and does not apologize for attacking the gamblers that were more destructive to the economy than the union leader Bob Crow.  He focused in particular on the fact that banking bosses were using taxpayer funds to allot themselves bonuses.

This was not the only reason that that Conservatives are angry, as Cable also went on to attack the Liberal Democrats for making David Cameron drop his commitment pre-election to place a limit on the inheritance tax.

However, Lib Dem delegates loved it when he said that the Conservatives campaigned throughout the General Election to reduce the inheritance tax burden on millionaires but have dropped that idea altogether.  He expanded that they went halfway towards placing an even limit on income tax and accepted in the Coalition Agreement that the priority should be on low earners instead of those who earn at the top of the list.

Cable stated that it was his wish that all properties valued at over £2m be taxed.  He continued to say that he regrets the mansion tax was not a part of the Coalition Agreement but there of course needs to be compromise in any coalition.