British - Politician | May 9, 1943 -
Small- and medium-sized businesses need access to a diverse range of finance options, including non-bank lending. These new forms of finance are still small in scale today but they should, over time, bring additional choice and greater competition to the lending market.
Vince Cable
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Where there is flagrant abuse of corporate entities we must and will seek to tackle it.
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I'm now happily remarried to a good cook, which encourages me to be lazy. I like to think that I'm a new man, but perhaps I'm not. I offset it by doing the ironing, though. She has a small farm in the New Forest with a herd of cattle, so she serves up a steak and kidney pie made with her own beef.
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Investment banking has, in recent years, resembled a casino, and the massive scale of gambling losses has dragged down traditional business and retail lending activities as banks try to rebuild their balance sheets. This was one aspect of modern financial liberalisation that had dire consequences.
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Our workforce is very co-operative, very flexible, easy to work with and one of the big selling points. The idea that Britain is still back in the labour market of the '70s is utterly bizarre.
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I know it sounds trite but I wanted to make a difference. Political debates with my father had been fraught because he was uncompromising and explosive but if he taught me one thing it was to air my views.
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When my job was attempting to predict future economic developments for the Shell oil company, I was frequently reminded of an Arabic saying: 'Those who claim to foresee the future are lying, even if by chance they are later proved right.'
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The degree of leverage now being reversed is staggering, and the underlying global imbalances - notably between the savers and the spenders - will require long and painful adjustment.
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We need a new British business bank with a clean balance sheet and an ability to expand lending rapidly to the manufacturers, exporters and high-growth companies that power our economy. Today I can announce we will have one.
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Regulators are a backstop: they don't own banks. The governance at the top of our leading banks has been shown to be lamentably weak. No one at the top of Barclays will take responsibility for systemic abuse.
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Now the main areas of higher education that still enjoy considerable financial support from government are subjects like engineering and science and the research ringfence which is the basic minimum to protect Britain's scientific competitiveness.
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We do recognise that there are areas where the current financial services market, the banking market, just isn't working for chunks of the British economy.
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