He said: “This is a terrifying development. Vince Cable has been a leading critic of the UK banking sector over the last few years and, as Liberal Democrat Treasury spokesman he demanded a clampdown on banking bonuses, and repeatedly referred to the investment banking sector as ’casino banking’. The fact that he’s now been given special responsibility for the banks is real worry. Had he been named Chancellor, he might have had better things to do with his time, but this way, he’s going to have nothing to do but tinker with the banking system, potentially doing untold damage to the industry.”