David Cameron offshore fund row: Sir Vince Cable defends the Prime Minister

David Cameron offshore fund row: Sir Vince Cable defends the Prime Minister

Sir Vince Cable

Friday, April 8, 2016

Sir Vince Cable, former Business Secretary, has defended Prime Minister David Cameron following his admission he owned shares based in an offshore account.

Cameron confessed earlier this week he had possessed shares in an offshore fund set up by his late father, shares he sold before he entered 10 Downing Street and on which he paid tax due on profits from the £30,000 sale.

The revelation has been met with widespread scorn, however, but Cable has offered his support to the PM.

Speaking to the Paul Ross Full Set Breakfast show, he said: "He [Cameron] did dispose of these investments before he became Prime Minister. Everyone knew he was a rich and privileged kid, but people voted for him nonetheless. Cameron did what he did six years ago, and I don't think we should make a vast issue out of that."

Cable also offered his views on a number of other topics that have dominated the news agenda this week...

Cable on the Tata steel crisis: "It's the question of finding a good buyer who will keep Port Talbot operating and stop the final destruction of this industry and the communities around it. I think they [the government] need to make it clear that anyone who operates in the industry has got to have compensation for extra energy costs. So-called dumping in relation to Chinese steel has to be stopped and help some of the people who are going to lose their jobs."

Cable on a potential solution to UK colonial tax havens: "I think we've developed a tougher approach to tax avoidance and if people go out of the way to circumvent the laws of Parliament - even if they are technically legal - it's now regarded as tax evasion. I believe we should be exercising our position as a colonial power and if they won't comply, intervening directly and posing what we call 'direct rule'. I think this is equally serious and we should require them to have an open register."

Cable on the Liberal Democrats following the 2015 General Election: "They are trying. We had a terrible general election. We've got to rebuild, build on our base in local government, get more MPs. The current leader, Tim Farron, is trying hard. You need someone who can go around and encourage the grassroots and I think he's good at that."

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