Red Vince sips clear blue water

Deprived of the comforts of third party opposition – the ability to say and do as he pleased – Vince Cable has had to put away childish things. Of necessity, the business and enterprise secretary cannot be a socialist. And Cable used yesterday’s speech at the Cass Business School to prove he’s no socialist.

He convinced. Cable will enact the coalition’s plans to reform regional development agencies, cut preferential micromanagement grants that supersede the judgement of markets, demolish stifling small business regulation, curtail short-term speculation on company takeovers to protect shareholders, cutting the deficit early and the part-privatisation of the Royal Mail. He also endorsed long-standing Tory policy of splitting or ring-fencing investment and retail banking arms and the imposition of banking levy to remunerate the taxpayer. It may not go far enough for some, but it is a triumph for clear blue thinking.