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Vince Cable serves notice on "whingeing" City

As UK is warned over its credit rating, Business Secretary says coalition will make economy less dep

Business secretary Vince Cable yesterday pledged that the coalition will make the economy less dependent on the finance sector, which he said has "caused immense damage" to the UK.

In an article in the Guardian, Cable addressed David Cameron's assertion of the need to defend the interests of the City- an argument that the Prime Minister made earlier this month in rejecting a new European treaty to tackle the sovereign debt crisis in the eurozone.

Cable insisted that "we need to put the whingeing of the City to one side and concentrate on delivering our core narrative, to achieve growth by rebalancing the UK economy."

"After 2008 no sensible government (and few bankers) believe that the free-wheeling days of the past can continue", he argued, adding: "the coalition will not put [the bankers'] interests above the rest of the country."

Ratings agency Moody's said last night that the UK faced "formidable and rising challenges", noting that "a need to support the banking system could temporarily set back the government's fiscal consolidation."