'Banks need sorting out' - Cable
Updated on 25 January 2010
The Liberal Democrats are the only party of genuine economic reform, believes Treasury spokesman Vince Cable.
Mr Cable will say his party would use the current crisis to refashion the economy so that it served Britain and "not just the Square Mile".
This would mean making "radical changes" including the creation of a fairer tax system and "sorting out and breaking up" the banks.
In a speech to independent think tank Demos in London, Mr Cable will say: "We have an economy too dependent on consumer spending and borrowing rather than saving and investment.
"Too much financial engineering in banking rather than real engineering. Too London-centric. Too dependent on the City of London rather than the talents of the rest of Britain."
A "credible plan" was needed to bring the structural deficit under control.
Earlier in January, Lib Dem leader Nick Clegg said he was having to jettison key policy pledges as a result of the economic downturn.
He attempted to draw a contrast between his honesty over tight restrictions on spending and the approach from Labour and the Tories.
Mr Cable will say the party has "put on hold" many of its spending commitments including "free personal care, generous citizens pension and universal child care".
He is to say: "We have so far identified an additional £10 billion in net savings beyond what the Government has put forward which is, altogether, about half of what would be needed to meet the Government's deficit reduction objective."
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