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Vince Cable threatens to quit coalition

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by Kay Mitchell

Business Secretary Vince Cable has said he could quit the coalition if he is “pushed too far” in negotiations with the Conservatives.

Mr Cable, who is the most senior Liberal Democrat member of the coalition after Deputy Prime Minister Nick Clegg, told undercover reporters from The Daily Telegraph the situation in the coalition was like “fighting a war” and he could use the “nuclear option” of walking away.

However, Mr Cable has since said he was “embarrassed” by his comments and “regrets” them and added he has no intention of quitting.

His remarks will raise doubt over the future of the Con-Lib Dem Coalition and whether it can survive until the next general election, scheduled for May 2015.

In related news, Mr Cable and Chancellor George Osborne are set to meet with the bosses of the UK’s top five banks this afternoon to discuss the controversial issue of bonuses.

The meeting was scheduled to take place yesterday but Mr Osborne was stranded in the US due to bad weather.

Mr Cable and Mr Osborne are expected to tell bankers to slash bonuses or face the threat of more regulations.

Mr Cable has already said that the coalition Government is in agreement on the subject of bonuses and said it will not be “bullied” by banks threatening to leave the UK as they look to free themselves from stricter regulations – such as the bank levy and bonuses.

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News posted: December 21, 2010

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