John Denham MP, Labour’s Shadow Business Secretary, commenting on Vince Cable’s speech at Lib Dem conference, said:
“The Lib Dems will be judged by their actions, not their words.
“Vince Cable says his biggest regret from the last year is not tackling bank bonuses, but it should be his complete failure to support business, create jobs, help small and medium enterprises to access finance and to build on the growth he inherited from Labour.
“The recovery has been choked off and yet despite calling for a Keynesian approach to a demand crisis, he still relentlessly supports George Osborne’s reckless policy of cutting too far and too fast. Youth unemployment has gone up, the economy has flatlined and inflation is rising far faster than wages.
“And making his annual speech on high pay to the Lib Dem faithful doesn’t make it policy in the Tory-led Government. Given his failure on banks, why should anyone believe he can deliver on high pay? Vince Cable needs to bring forward concrete proposals on boardroom pay and not capitulate to the Treasury as usual.”