Friday 11th January 2013 | 17:06
Vince backs Barack, not George
Vince Cable has made an interesting speech on state aid today at King's College, London.
Funnily enough, he couldn't resist using it to seize on Washington's warning to David Cameron this week.
Only a conspiracy theorist would suggest the Business Secretary is also responding to Osborne's own ultimatum to Brussels, revealed today in Die Welt.
Here's the key Vince quotes:
"State aide cuts to the heart of the big debate which is rippling though our country at the moment which is about our future within the European Union. I have to say that this whole issue of raising again in a fundamental way British membership and the terms of membership is a massive disruption and deeply unhelpful in my job. I have to spend my time talking to business people, British and international, trying to have the confidence to invest here and create employment and the recent uncertainly is just deeply uncomfortable for the country. I think the warning shot across the bows yesterday from the United States was actually quite helpful as well as very timely.
The core of the debate, at least on the economics side about the British membership, is the role of the single market and it’s worth remembering why that’s important here to the UK. First of all it is the part of the European project that the British, more than anybody else, helped to create and shape. It is extraordinarily historically important because if we look back at the history books and the interwar period, whenever there has been a financial crisis there have been 3 phases: the collapse of the banks, the financial runs of the kind we had in 1989, all was followed by a deep recession all was followed by nationalism and protectionism, and it’s the single market rules that prevent that historical precedent from being repeated again..."