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Vince Cable tries to win round the City

In his first major speech to the City, Business Secretary Vince Cable has been forced to defend himself against accusations that he is more pro-socialism than pro-capitalism. Vince Cable upset many in the city during the election campaign by describing them as "Scargills in pinstripes" although he is adamant that his comments were taken out of context. So can Vince Cable work with the city?

Prior to the election many people were putting forward Vince Cable as a future Chancellor of the Exchequer although at the end of the day this did not happen. However, for some reason those who were pushing Vince Cable forward as a potential Chancellor of the Exchequer now appear to have turned against him. It is the talk of additional taxes and levies which is concerning many financial institutions in the City but this is nothing new as the Labour Party had also been planning to increase income from this particular area.

In many ways the early days of the coalition government have seen a number of parties jockeying for position and attempting to "sound each other out". Vince Cable needs to be seen as someone who will "do the right thing" but he also needs to have a clear line of communication with the city and the backing of financial companies and bankers in the long run.

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