Vince Cable Tells Iain Why He Thinks Brexit Could Cause Another Financial Crash

29 April 2017, 11:33

Vince Cable has said that Brexit could trigger an economic crisis bigger than the 2008 financial crash - in this clip he tells Iain Dale why.

Former Business Secretary and Liberal Democrat Vince Cable joined Iain Dale on his election special this morning (Saturday), after he launched his bid to reclaim his old seat of Twickenham in June’s general election. 

Iain was discussing whether Liberal Democrats could replace Labour as the government's main opposition.

Mr Cable said: "We are in danger, simply because of the way the British voting system works, of getting a sort of one party state which is all dominant, has massive majorities, and isn't really challenged properly, and we need to fill that space, because the Labour party has no interest in doing it." 

Iain said: "Well I agree with you that we do need a strong opposition, whoever it is, we haven't had one in the last few years, it has to be said. You could even say going back to 2010 we haven't had one, and now we're seeing results.  

"But if the British people vote, if the Tory vote share is as the opinion polls say, who knows whether it will be in six weeks time, and there is a landslide.

"I mean that's the way the British people will have voted, you can't complain about that, surely?"

Vince said: "Well, we recognise that's reality, but if they get 47/48 per cent of the vote share, that should be the way parliament is made up. You know that the British system is a winner takes all system, and at the moment people may feel comfortable about that.

"But I think when the going gets tough over the next few years, as it almost certainly will, we do need somebody within a party, mine, that will act as an effective check on what the government's doing, and reflect many of the anxieties other people feel. 

"I mean I'm going round the doorstep at the moment, and a lot of people, even people who Brexit, who are worried about the extreme way this is being done, and where it could lead, and we do need people to stick up for them."

Iain then pressed the former Minister about some recent comments he made, asking: "You've been saying that quitting the EU could trigger an economic crisis, even greater than the 2008 financial crash, surely that's a bit of hyperbole on your part?"

Watch the clip to see what Vince had to say. 

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