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Business Secretary Vince Cable: 'I was the bookies’ favourite to be first to leave the Cabinet' Business Secretary Vince Cable: 'I was the bookies’ favourite to be first to leave the Cabinet'
(about 1 hour later)
Who would have thought that of all the ministers to stay the course of the Coalition, Vince Cable would be one of them? Certainly not him.Who would have thought that of all the ministers to stay the course of the Coalition, Vince Cable would be one of them? Certainly not him.
“I think I was the bookies’ favourite to be first to leave the Cabinet,” he says, cracking a smile in his last interview as Business Secretary – at least in this parliament. Holding the post for the full five years makes Cable the longest server since the 1950s, a pleasant development for business leaders more used to a revolving departmental door. Despite misgivings, they got used to the veteran Liberal Democrat in the end.“I think I was the bookies’ favourite to be first to leave the Cabinet,” he says, cracking a smile in his last interview as Business Secretary – at least in this parliament. Holding the post for the full five years makes Cable the longest server since the 1950s, a pleasant development for business leaders more used to a revolving departmental door. Despite misgivings, they got used to the veteran Liberal Democrat in the end.
“Some people who weren’t ecstatic with my appointment now acknowledge the virtues of a lot of the things I have done,” insists Cable, 71.“Some people who weren’t ecstatic with my appointment now acknowledge the virtues of a lot of the things I have done,” insists Cable, 71.
I remember those early days clearly, because I carried out his first ministerial interview too. After a tour of the Bentley factory in Crewe, we took a ride to Warrington in a limousine that austerity-era Whitehall would soon no longer allow. Here was the Sage of the Credit Crunch, an outspoken, articulate voice in the Commons as the banks collapsed, suddenly thrust into office. It would surely never last.I remember those early days clearly, because I carried out his first ministerial interview too. After a tour of the Bentley factory in Crewe, we took a ride to Warrington in a limousine that austerity-era Whitehall would soon no longer allow. Here was the Sage of the Credit Crunch, an outspoken, articulate voice in the Commons as the banks collapsed, suddenly thrust into office. It would surely never last.
“I’m trying to stay on message,” Cable said that day, admitting that “it’s a bit more boring than opposition politicians lobbing in grenades”.“I’m trying to stay on message,” Cable said that day, admitting that “it’s a bit more boring than opposition politicians lobbing in grenades”.
The grenades came later, such as in a leaked letter he wrote labelling the Coalition’s economic policy as “frankly rather piecemeal” or his attack on the Bank of England for acting like the “capital Taliban” with tough rules demanding lenders insulate their balance sheets against future losses which Cable said was sapping support for small businesses.The grenades came later, such as in a leaked letter he wrote labelling the Coalition’s economic policy as “frankly rather piecemeal” or his attack on the Bank of England for acting like the “capital Taliban” with tough rules demanding lenders insulate their balance sheets against future losses which Cable said was sapping support for small businesses.
But there were successes, such as laying out an industrial strategy for Britain’s world-beating industries, including automotive and aerospace. He also set up Catapult centres, where business is encouraged to work with scientists to take ideas into commercial use, named and shamed late payers and championed putting more women in the boardroom. The big banks have adopted a “completely different mind-set, accepting with genuine humility that they screwed up and they needed to change,” he says.But there were successes, such as laying out an industrial strategy for Britain’s world-beating industries, including automotive and aerospace. He also set up Catapult centres, where business is encouraged to work with scientists to take ideas into commercial use, named and shamed late payers and championed putting more women in the boardroom. The big banks have adopted a “completely different mind-set, accepting with genuine humility that they screwed up and they needed to change,” he says.
For Cable, the unifying theme of his term was injecting “more long-term thinking into the business culture”, whether that was tightening up the Takeover Code or launching a British Business Bank as part of diversifying the supply of lending.For Cable, the unifying theme of his term was injecting “more long-term thinking into the business culture”, whether that was tightening up the Takeover Code or launching a British Business Bank as part of diversifying the supply of lending.
“I think the other thing which has kept me going [is that] although politically and ideologically I was quite at odds with the Tories on a variety of things… I have been able to work with them in a business-like way.”“I think the other thing which has kept me going [is that] although politically and ideologically I was quite at odds with the Tories on a variety of things… I have been able to work with them in a business-like way.”
Cable’s grumpy style made the minister sound as though he was in opposition. But as a big beast in a small party, he was arguably like some of the banks he wanted to shake up by ring-fencing depositors’ cash from “casino” trading – that is, too big to fail.Cable’s grumpy style made the minister sound as though he was in opposition. But as a big beast in a small party, he was arguably like some of the banks he wanted to shake up by ring-fencing depositors’ cash from “casino” trading – that is, too big to fail.
Meanwhile, the Lib Dems have suffered a dive in popularity. Whatever the collapse in their vote on 7 May, it has all been worth it, Cable believes. Forging a coalition “was part of the growing up for the party that had to happen,” he says.Meanwhile, the Lib Dems have suffered a dive in popularity. Whatever the collapse in their vote on 7 May, it has all been worth it, Cable believes. Forging a coalition “was part of the growing up for the party that had to happen,” he says.
“If you are serious in politics you can’t just build your whole party’s existence on being an opposition protest party. At some point you have got to engage with government.”“If you are serious in politics you can’t just build your whole party’s existence on being an opposition protest party. At some point you have got to engage with government.”
The price of that engagement, on the back of winning 57 seats in 2010, is likely to leave the Lib Dems as the fourth-largest party behind the Scottish nationalists this time around. Cable defines a good result as “holding on to the vast majority of our seats”, which is more likely where incumbent MPs are restanding. My suggested range of 20 to 30 seats “would be considered very disappointing” Cable says, adding “I would be at the upper end.”The price of that engagement, on the back of winning 57 seats in 2010, is likely to leave the Lib Dems as the fourth-largest party behind the Scottish nationalists this time around. Cable defines a good result as “holding on to the vast majority of our seats”, which is more likely where incumbent MPs are restanding. My suggested range of 20 to 30 seats “would be considered very disappointing” Cable says, adding “I would be at the upper end.”
While not setting out explicitly to hold the balance of power again, “I would think there is a high probability we will have a significant influence”.  As for a repeat of a Tory-Lib Dem coalition: “I am not ruling that out but I am not pushing for it.”While not setting out explicitly to hold the balance of power again, “I would think there is a high probability we will have a significant influence”.  As for a repeat of a Tory-Lib Dem coalition: “I am not ruling that out but I am not pushing for it.”
And if the Lib Dems flop, would he succeed Nick Clegg as leader? Cable has waited in the wings during previous crises of faith, but dances round the topic this time. “I don’t think he will step down. I think he will keep his seat and I think he will stay as leader – that is my expectation.”And if the Lib Dems flop, would he succeed Nick Clegg as leader? Cable has waited in the wings during previous crises of faith, but dances round the topic this time. “I don’t think he will step down. I think he will keep his seat and I think he will stay as leader – that is my expectation.”
Cable has had to cope with some hospital passes, such as the privatisation of Royal Mail, which he was accused of selling too cheaply, and the ruling on whether News Corporation should be allowed to take full control of BSkyB. That decision was taken from him after confiding in two undercover reporters that he had “declared war” on Rupert Murdoch. Another source of heartache was the introduction of higher tuition fees, in direct contravention to a Lib Dem pledge, which was “incredibly traumatic and difficult for my party and me personally”.Cable has had to cope with some hospital passes, such as the privatisation of Royal Mail, which he was accused of selling too cheaply, and the ruling on whether News Corporation should be allowed to take full control of BSkyB. That decision was taken from him after confiding in two undercover reporters that he had “declared war” on Rupert Murdoch. Another source of heartache was the introduction of higher tuition fees, in direct contravention to a Lib Dem pledge, which was “incredibly traumatic and difficult for my party and me personally”.
There is unfinished business. For all of his innovation push, more business investment is needed to boost productivity. And exports are off-target despite a drive to sell to China. If he had more time, Cable would do more in the area of vocational skills and help the launch of social enterprises.There is unfinished business. For all of his innovation push, more business investment is needed to boost productivity. And exports are off-target despite a drive to sell to China. If he had more time, Cable would do more in the area of vocational skills and help the launch of social enterprises.
His row with Home Secretary Theresa May over visas for skilled workers and foreign students, he describes as a “score draw” – although he believes the Home Office stance has cost economic growth. “I am not in favour of a completely open door because the whole world would come here but having a liberal regime for skilled workers is important.”His row with Home Secretary Theresa May over visas for skilled workers and foreign students, he describes as a “score draw” – although he believes the Home Office stance has cost economic growth. “I am not in favour of a completely open door because the whole world would come here but having a liberal regime for skilled workers is important.”
It has been surprisingly emotional. When Cable gave a farewell speech to the EEF manufacturers’ trade body black-tie dinner last month, his voice cracked before a roomful of engineers. “It’s a combination of believing in what I was doing and a feeling that despite a lot of zigzags and a lot of setbacks we have  achieved something really important and concrete.”It has been surprisingly emotional. When Cable gave a farewell speech to the EEF manufacturers’ trade body black-tie dinner last month, his voice cracked before a roomful of engineers. “It’s a combination of believing in what I was doing and a feeling that despite a lot of zigzags and a lot of setbacks we have  achieved something really important and concrete.”
He is fighting a Tory in his Twickenham constituency and wants to highlight what separates the two sides, notably economic policy and future public spending. Whatever their differences, the parties have a track record now for getting on with it. His language suggests that siding with Labour might be harder.He is fighting a Tory in his Twickenham constituency and wants to highlight what separates the two sides, notably economic policy and future public spending. Whatever their differences, the parties have a track record now for getting on with it. His language suggests that siding with Labour might be harder.
Although “I am not embarrassed about calling myself a social democrat in my broad approach to things,” Cable adds that: “the problem is the Labour Party has created difficulties in terms of working with them. Quite apart from the economic history, [they have] a very backward-looking approach to business and their approach to tuition fees [reducing them from £9,000-a-year to £6,000] makes absolutely no sense.”Although “I am not embarrassed about calling myself a social democrat in my broad approach to things,” Cable adds that: “the problem is the Labour Party has created difficulties in terms of working with them. Quite apart from the economic history, [they have] a very backward-looking approach to business and their approach to tuition fees [reducing them from £9,000-a-year to £6,000] makes absolutely no sense.”
He adds: “I am not ruling either out but in both cases there are some quite fundamental disagreements.”He adds: “I am not ruling either out but in both cases there are some quite fundamental disagreements.”
Whichever side gets Cable’s vote, I suspect that whoever is in power he would jump at the chance to be Business Secretary again. “I’ve got bags of energy and I am happy to keep going as long as that lasts.”Whichever side gets Cable’s vote, I suspect that whoever is in power he would jump at the chance to be Business Secretary again. “I’ve got bags of energy and I am happy to keep going as long as that lasts.”
Education: Born in York, 1943; Fitzwilliam College, Cambridge. PhD in economics, Glasgow University.
Career so far: Treasury finance officer in Kenyan government, 1966-68; special adviser to Labour leader John Smith; Royal Dutch Shell, 1995-97. Elected MP for Twickenham in 1997 after contesting seats for Labour and SDP. Business Secretary since 2010.
Personal: Three children with late wife Olympia. Lives in Twickenham with second wife Rachel. “I only have one kitchen,” he says. “I think it was MFI rather than John Lewis.” Relaxes through ballroom dancing.