Three Cheers for Vince.

At last somebody has said it and now the burning issue eating at our national fabric is out in the open. Vince with eloquence, humour and deadly aim, has made clear the flaw in unfettered capitalism is now recognised. This is not a cry for socialism, we all know that also goes wrong. But what went wrong with our capitalism was the belief that it and its markets could do no wrong and could always be relied on to deliver for everybody.

The current model of capitalism, the engine of the financial disaster, is like a glutton out of control. It is socially destructive and dependent on debt. The cost of its failures will cripple the economy for years. The cuts required will cause much pain, made necessary not just to reduce the deficit, but to pay the cost of accumulated borrowing. It is critical that we have a root and branch review of the financial model to sustain us into the future. It will be capitalist, but it should not be uncontrolled, without a moral compass or a social conscience.

Vince brought the Lib Dem conference to life. He has also set a new agenda. He is in tune with public opinion. Watch Labour next week.