Vince Cable, 69, thinks the "worship of youth" by political parties may be over

Whatever could the subtext be?

In an interview with the Financial Times today, Vince Cable made some intriguing comments about the future of the Liberal Democrats. Asked whether he would ever run for the leadership of the party, he said:

I don’t exclude it – who knows what might happen in the future.

He also said:

The worship of youth has diminished – perhaps generally – in recent years.

and hit back at attempts to portray him as far too left-wing, criticising the "macho right" of the Tories:

When I made my statement on executive remuneration and responsible capitalism, I had some of those backbenchers jumping saying this is socialism or Marxism, they just completely don’t get it.

So, to recap, Vince Cable is not ruling out leading the Lib Dems, doesn't think he's too old to do so at 69, and is keen to talk about how he speaks out on City pay and capitalism, but isn't a frothing left-winger.

Of course, none of this means he is anything less than totally supportive of Nick Clegg, who is

doing a good job and is standing up to the pressures.                                               

PS. The FT interview is well worth a read in full, if you have a subscription. There's a touching section on his two marriages and his love of "strong women:

Olympia, who died of cancer in 2001, was the first of two strong women in Cable’s life. “She would let me watch Match of the Day if I did the ironing at the same time,” the minister jokes. Rachel, the second, keeps horses in the New Forest. Today Cable wears two wedding bands on his finger.

Cable also likes working with strong women. Four out of five of Cable’s private secretaries are female, and when he recently held a meeting to discuss curbs on excessive pay in Britain’s male-dominated boardrooms, four out of the six advisers in the room were women. Cable says he does not have a deliberate policy of employing female staff, but adds: “I’ve always been comfortable working with women and I’ve had two happy marriages. Draw what conclusions you like from that.”

Vince Cable. Photo: Getty Images

Helen Lewis is deputy editor of the New Statesman. She has presented BBC Radio 4’s Week in Westminster and is a regular panellist on BBC1’s Sunday Politics.

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Why relations between Theresa May and Philip Hammond became tense so quickly

The political imperative of controlling immigration is clashing with the economic imperative of maintaining growth. 

There is no relationship in government more important than that between the prime minister and the chancellor. When Theresa May entered No.10, she chose Philip Hammond, a dependable technocrat and long-standing ally who she had known since Oxford University. 

But relations between the pair have proved far tenser than anticipated. On Wednesday, Hammond suggested that students could be excluded from the net migration target. "We are having conversations within government about the most appropriate way to record and address net migration," he told the Treasury select committee. The Chancellor, in common with many others, has long regarded the inclusion of students as an obstacle to growth. 

The following day Hammond was publicly rebuked by No.10. "Our position on who is included in the figures has not changed, and we are categorically not reviewing whether or not students are included," a spokesman said (as I reported in advance, May believes that the public would see this move as "a fix"). 

This is not the only clash in May's first 100 days. Hammond was aggrieved by the Prime Minister's criticisms of loose monetary policy (which forced No.10 to state that it "respects the independence of the Bank of England") and is resisting tougher controls on foreign takeovers. The Chancellor has also struck a more sceptical tone on the UK's economic prospects. "It is clear to me that the British people did not vote on June 23 to become poorer," he declared in his conference speech, a signal that national prosperity must come before control of immigration. 

May and Hammond's relationship was never going to match the remarkable bond between David Cameron and George Osborne. But should relations worsen it risks becoming closer to that beween Gordon Brown and Alistair Darling. Like Hammond, Darling entered the Treasury as a calm technocrat and an ally of the PM. But the extraordinary circumstances of the financial crisis transformed him into a far more assertive figure.

In times of turmoil, there is an inevitable clash between political and economic priorities. As prime minister, Brown resisted talk of cuts for fear of the electoral consequences. But as chancellor, Darling was more concerned with the bottom line (backing a rise in VAT). By analogy, May is focused on the political imperative of controlling immigration, while Hammond is focused on the economic imperative of maintaining growth. If their relationship is to endure far tougher times they will soon need to find a middle way. 

George Eaton is political editor of the New Statesman.