Monday 25 July 2011

Vince Cable attacks 'rightwing nutters' over US debt ceiling talks

Business secretary says those trying to derail efforts to raise ceiling are bigger threat to world economy than eurozone crisis,

Vince Cable has launched an extraordinary attack on "rightwing nutters" in America who are trying to block the raising of the US government's debt ceiling and who are, he said, a bigger threat to the world economy than problems in the eurozone.

Speaking on the BBC1's Andrew Marr show, the business secretary also suggested the Bank of England may have to engage in more quantitative easing – effectively printing money – as growth stalls. Cable said the deal struck in Europe last week to bail out countries such as Greece and Ireland had been a "significant step forward", but failed to the fundamental issues.

He said: "The irony of the situation at the moment, with markets opening tomorrow morning, is that the biggest threat to the world financial system comes from a few rightwing nutters in the American Congress rather than the eurozone."

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