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Vince Cable: The politics of parsimony

May 23, 2011 1:51 PM

• [May 21] The Guardian writes: THE business secretary cuts an unlikely Churchill. Vince Cable's sparse language in his Guardian interview about Britain having to adjust from being a "price-setter" to a "price-taker" is a world away from the old bulldog's grandiloquent offer of blood, toil, tears and sweat. But there is a parallel in their political purpose: to tell the grim truth as they see it . .

The optimistic note Ed Miliband strikes on our comment pages could hardly be more different from Dr Cable's . . In fact, there is a little more subtlety in the thinking . . a hope that more proactive industrial policies will be able to fix the economy, and through that to shrink the deficit.

If Mr Miliband can develop this final thought into something more credible than a hunch, then he can plausibly go to the electorate wearing something more comfortable than Dr Cable's hair shirt. As Labour ought to be painfully aware, however, the hard intellectual spadework required has barely begun.

• Vince Cable: The politics of parsimony [Guardian editorial May 21]

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