As of last night, we now have a new Prime Minister, but the coalition between the Conservatives and the Liberal Democrats – and the concessions that had to be made on both sides – means we are likely to have a very different sort of Government than if the Conservatives had won a majority.
Britain’s first coalition government since 1945 will feature the Liberal Democrat Vince Cable as Business Secretary, with responsibility for “business and banks”. He has already gone to his new Westminster office to begin work. (Rumours that George Osbourne would be denied the position of Chancellor in favour of Cable proved to be unfounded.)
Early signs suggest that the business community will welcome their new representative in Government. David Frost, director general of the British Chambers of Commerce, endorsed Cable’s appointment: “Vince Cable understands business and is popular with many small and medium-sized companies.
“His work as the Liberal Democrats’ shadow chancellor means that he knows where the UK fits within a global context and the important role the private sector will play in driving future job creation and economic growth.
“His relentless focus on making sure that the banks lend to viable, credit-worthy businesses will be a critical part of his new position.”
Mr. Frost concluded his commentary with a word of warning for Dr. Cable: “With reform of the banking system on its way, he must ensure that these reforms do not lead to an upheaval for businesses,” he said.