Cable comes out fighting over criticism of growth strategy

The Business Secretary, Vince Cable, has hit back at critics who believe through "ignorance, amnesia or mischief... that the Government can somehow guarantee an immediate, miraculous, return to rapid economic growth through some all-encompassing plan".

He singled out Ed Balls, saying that the shadow Chancellor, when City Minister, "turned a blind eye to the madness brewing within the financial sector, and now ignores the need to deal with unaffordable spending. Bankrupts can't buy their way back to growth."

In a more oblique swipe at his former Liberal Democrat colleague Lord Oakeshott, who resigned as a Coalition spokesman in the Lords over the Government's "Project Merlin" deal with the banks, Mr Cable added: "I should say that in supporting this agreement, I chose to disregard the advice of commentators and supporters who told me not to touch the agreement with a barge pole."

Mr Cable has been widely criticised by both political opponents and business groups such as the CBI for failing to publish a Government strategy for growth, even though the Treasury has set out radical fiscal plans to bring down debt.

However, speaking at the Mansion House on the day that thefuture of BSkyB was apparently settled – an issue that almost ended his career – Mr Cable said the Government was working towards setting out such a vision.

The Business Secretary also vowed to resist pressure from the CBI and others to soften the Coalition's stance on immigration and work visas. He said: "This government has, successfully I think, got the balance right between providing reassurance to the public that borders are under control and providing a welcome to visitors be they businessmen, skilled workers, tourists or students."

The Government would also plough ahead with its planningreforms, Mr Cable said, and hedenied a rift with the Communities Secretary.

"Sometimes obstruction prevents the transformative economicopportunity from taking place: the retailer that regenerates the town centre, or the international headquarters that instead decides to head elsewhere," Mr Cable said.

"That is why the Government is bent on planning reform. Contrary to what you may read, Eric Pickles and I are at one on this. We want local communities to benefit from growth, and the standard answer to be yes, not no."

Start your day with The Independent, sign up for daily news emails
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Guru Careers: Tax Manager / Accountant

£35 - £50k DOE: Guru Careers: A Tax Manager / Accountant (ACA / CA / CTA) is n...

Ashdown Group: Contracts Executive - City of London

£35000 - £37000 per annum + benefits: Ashdown Group: Contracts Executive - Cit...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE £45K: SThree: SThree Group have been well esta...

Recruitment Genius: Call Centre Debt Collector - Multiple Roles

£21000 per annum: Recruitment Genius: This is an exciting opportunity to join ...

Day In a Page

Turkey-Kurdish conflict: Obama's deal with Ankara is a betrayal of Syrian Kurds and may not even weaken Isis

US betrayal of old ally brings limited reward

Since the accord, the Turks have only waged war on Kurds while no US bomber has used Incirlik airbase, says Patrick Cockburn
VIPs gather for opening of second Suez Canal - but doubts linger over security

'A gift from Egypt to the rest of the world'

VIPs gather for opening of second Suez Canal - but is it really needed?
Jeremy Corbyn dresses abysmally. That's a great thing because it's genuine

Jeremy Corbyn dresses abysmally. That's a great thing because it's genuine

Fashion editor, Alexander Fury, applauds a man who clearly has more important things on his mind
The male menopause and intimations of mortality

Aches, pains and an inkling of mortality

So the male menopause is real, they say, but what would the Victorians, 'old' at 30, think of that, asks DJ Taylor
Man Booker Prize 2015: Anna Smaill - How can I possibly be on the list with these writers I have idolised?

'How can I possibly be on the list with these writers I have idolised?'

Man Booker Prize nominee Anna Smaill on the rise of Kiwi lit
Bettany Hughes interview: The historian on how Socrates would have solved Greece's problems

Bettany Hughes interview

The historian on how Socrates would have solved Greece's problems
Art of the state: Pyongyang propaganda posters to be exhibited in China

Art of the state

Pyongyang propaganda posters to be exhibited in China
Mildreds and Vanilla Black have given vegetarian food a makeover in new cookbooks

Vegetarian food gets a makeover

Long-time vegetarian Holly Williams tries to recreate some of the inventive recipes in Mildreds and Vanilla Black's new cookbooks
The haunting of Shirley Jackson: Was the gothic author's life really as bleak as her fiction?

The haunting of Shirley Jackson

Was the gothic author's life really as bleak as her fiction?
Bill Granger recipes: Heading off on holiday? Try out our chef's seaside-inspired dishes...

Bill Granger's seaside-inspired recipes

These dishes are so easy to make, our chef is almost embarrassed to call them recipes
Ashes 2015: Tourists are limp, leaderless and distinctly UnAustralian

Tourists are limp, leaderless and distinctly UnAustralian

A woefully out-of-form Michael Clarke embodies his team's fragile Ashes campaign, says Michael Calvin
Blairites be warned, this could be the moment Labour turns into Syriza

Andrew Grice: Inside Westminster

Blairites be warned, this could be the moment Labour turns into Syriza
HMS Victory: The mystery of Britain's worst naval disaster is finally solved - 271 years later

The mystery of Britain's worst naval disaster is finally solved - 271 years later

Exclusive: David Keys reveals the research that finally explains why HMS Victory went down with the loss of 1,100 lives
Survivors of the Nagasaki atomic bomb attack: Japan must not abandon its post-war pacifism

'I saw people so injured you couldn't tell if they were dead or alive'

Nagasaki survivors on why Japan must not abandon its post-war pacifism
Jon Stewart: The voice of Democrats who felt Obama had failed to deliver on his 'Yes We Can' slogan, and the voter he tried hardest to keep onside

The voter Obama tried hardest to keep onside

Outgoing The Daily Show host, Jon Stewart, became the voice of Democrats who felt the President had failed to deliver on his ‘Yes We Can’ slogan. Tim Walker charts the ups and downs of their 10-year relationship on screen