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Richmond upon Thames Liberal Democrats:Covering the constituencies of Twickenham and Richmond Park |
Vince Cable interviewed by James Lansdale on the Andrew Marr Show
July 24, 2011 5:44 PM
• [Jul 24]: JL: SO a second bailout for Greece has been agreed. The Eurozone and the markets can breathe a sigh of relief. Or can they? As economists pore over the detail, questions remain over whether the deal agreed in Brussels is just a temporary sticking plaster or a sustainable answer to the Euro's woes. But Britain is not in the Eurozone, but its economy is utterly intertwined, so what does it mean for us?
The Business Secretary Vince Cable is here. Welcome. Good morning, Mr Cable. Answer that first question: has the deal that's been agreed this week, is it a sticking plaster for the short-term or is it a sustainable solution for the long-term?
VC: Well it hasn't solved the big problems, but it was a big step forward. I mean essentially what they've agreed is that some of the Greek debt will be written off - the banks (amongst others) will absorb the cost of that. They've agreed to a bigger package of measures for future difficulties and they've taken a key step forward in accepting closer economic union.
So I mean the irony of the situation at the moment, you know looking to markets opening tomorrow morning, is that the biggest threat to the world financial system comes from a few right wing nutters in the American Congress rather than the Eurozone. So it is a temporary set of measures. More will have to be done, but it is a step forward, a real step forward.
. . JL: NOW you famously told the Telegraph undercover reporters, "I have declared war on Mr Murdoch. I think we're going to win." Have you won?
VC: I don't … I don't see it like that actually. I did one good thing when I had responsibility for that problem, which was I did make sure that the bid was referred to an independent regulator. There was a lot of advice just to let it through and if that had happened it would now be a fait accompli, but it did go to the regulator. As a result it was stopped, and as a result we're in a much healthier position today.
JL: Lots of reports this weekend about members of the Liberal Democrats being bullied by News International staff. Is that something you recognise, something you experienced?
VC: Well there was - I don't know how to describe it - heavy lobbying, but perfectly legal. I mean nobody's suggesting that anything illegal happened on that front. But I don't want to dwell on the past and my own role in it. What I do want to focus on is reforming the system of competition and takeovers as it applies to the media, so we have a healthier and more plural system in future.
JL: Finally, do you believe that News International as a news corporation are a fit and proper organisation - for example to own its existing stock of BSkyB?
VC: Well certainly that's a big question to ask in view of what's happened, but it's not … fortunately it's not for politicians to come to a definitive judgement on that; it's for the regulator. The regulator, as I understand it, Ofcom, is now looking at whether they are fit and proper persons to continue to have their share in ownership and they're the people who will come to a decision, not me.
JL: But wouldn't you just prefer it if Rupert Murdoch just pitched his tent and left?
VC: No, I'm not personalising it. We've got a process now. They've got to look at that question of fit and proper person and you know we'll wait and see what happens.
JL: Excellent. Well Vince Cable, thank you very much indeed for joining us.
VC: Thank you.
JL: I think you've defined a new phrase: heavy lobbying. (Cable laughs) There'll be lots of discussion about what exactly that means now.'
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