Cable: the offensive secrecy of tax havens
This is what The Economist had to say about him in April:
"By some measure, Mr Cable, the economics spokesman of the Liberal Democrats, the smallest of Britain’s big three political parties, is the most popular politician in Britain. In any putative government of national unity, he would be the default choice to be chancellor of the exchequer. What is all the more remarkable about Mr Cable’s improbable standing is that he is admired in almost equal measure by other politicians and a cynical public."
Here is another assessment:
"He is one of the most respected politicians of our age. His predictions about the recession have been nothing short of prophetic; he made the nation laugh by comparing Brown to Mr Bean; and I am yet to watch an episode of Question Time where any debate about the financial situation hasn’t included a comment along the lines of “maybe we should all just listen to Vince Cable”.
Now what does Cable have to say about tax havens? Now we have a good idea, from his latest article, "The offensive secrecy of tax havens." It is worth reading in full, though perhaps we'll select just this excerpt for now.
"Much of the shadow banking sector, a major contributor to the economic crisis was also only possible because of tax haven secrecy. At the G20 summit in London earlier this year, what some saw as the beginning of the end of the tax havens was agreed, with sanctions proposed for those that fail to comply with international standards. Yet the standards that have been set are hopelessly lacking in ambition and largely exclude developing countries."
Read more about this here. Cable's article says:
"Gordon Brown has made valiant efforts to build a legacy of caring for the poor in developing countries by prioritising debt cancellation and overseas aid commitments. An end to tax haven secrecy may be his last opportunity to ensure that legacy endures. He should seize the chance at the G20 to make the case persuasively."