Posted on 26/03/2010
Vince Cabe Mp
Vince Cable MP returned to Royal Holloway, University of London on 25 March 2010 to discuss the economic crisis in an annual lecture organised by the College’s Centre for European Politics.
The Twickenham MP and Lib Dem Shadow Chancellor of the Exchequer spoke about the international banking crisis within the context of historical developments, and the creation of a housing price bubble and ‘casino banking’ - fuelled by the unregulated banking system.
Dr Cable, who was the acting leader of the Liberal Democrats until the election of Nick Clegg, has been the Lib Dem’s main economic spokesperson since 2003, having previously served as Chief Economist for the oil company Shell from 1995 to 1997.
He was one of the first public figures to predict the recession, warning about excessive amounts of debt that couldn’t be sustained if the economy slowed down. His latest book ‘The Storm: The World Economic Crisis and What it Means’, examines the reasons for this crisis which he attributes to risk, greed and irresponsible mortgage lending.
Dr Cable – who previously visited the College last May to give a talk - opened the floor for a 30 minute question and answer session with staff and students, discussing issues from the action that should be taken to strengthen regulation of the banking industry, to the impact the crisis will have on public spending after the upcoming general election.
Dr James Sloam, Senior Lecturer in Politics, said: “We were delighted that Vince Cable took the time out from a busy schedule – a day after the budget – to talk to us about the ongoing economic crisis. Dr Cable delivered a masterly and wide-ranging lecture on perhaps the key political issue of our time. Royal Holloway students were excited to engage in discussion with such a well-respected and knowledgeable top politician.”