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Page last updated at 08:02 GMT, Wednesday, 22 September 2010 09:02 UK

Cable's remarks 'misguided'

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The Business Secretary Vince Cable has annoyed the CBI with his plans to launch an outspoken attack on unrestrained capitalism during his speech to the Liberal Democrats' party conference later today.

Former trade minister Digby Jones told Justin Webb that he believed there was is a difference between saying that "we need better and better enforced regulation" and Mr Cable's words about "these dark areas of the board rooms" and the implication that "business is at it",

Lord Jones admitted that "you get businesses that are not stepping up to the plate of good quality corporate governance" but he did not want to create the impression that "business is somehow this whipping boy that's always at it".

He said this attitude would create an environment where people do not want to invest and employ, which will result in the UK not being able to "trade our way out of the economic mess".

Garry Wilson, of the private equity firm Endless, said that blaming the economic crisis on the bad behaviour of UK board rooms was "misguided".

He said the root of the cause was in the sub-prime crisis in the US and that Britain "as ever caught a cold from that".

Mr Wilson admitted that some big corporations, like RBS, made big mistakes but added that "we need to be careful not to tar the entire business community".


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