Cable can’t make any promises

Did you realise that today is the first anniversary of the government’s Spending Review? Neither did I until the politicians started making a fuss about it, starting with Vince Cable on the TV last night. We’ll post video footage of the Business Secretary’s performance when we can, but this write-up here just about covers it. He made a few earcatching remarks — among them that “we didn’t know that there would be a major crisis in our export markets and that energy prices would shoot up” — but one has captured the headlines more than any other. Asked whether he could promise that we wouldn’t experience a double-dip recession, Cable replied:

“I can’t do that. We know conditions are very difficult but the government is doing the best it can to protect people.”

Perhaps this is the wise response, with conditions as they are. But it also solidifies Cable’s standing as the gloomiest figure in government. When he’s not tearing into capitalism, he’s warning of future financial crashes and now, in a roundabout way, of double-dip. David Cameron accused Ed Miliband of “talking down the economy” yesterday, in PMQS, for doing much less.

The question is whether this is part of a government softening-up exercise — preparing us for the worst — or whether it is just Vince being Vince, a rogue agent. And I shall leave CoffeeHousers to ponder the answer. Your loyal baristas are out at an awards bash this morning. We shall return to celebrate today’s fiscal anniversary more fully, later.