The country faced deep-rooted problems with its fragile economy, "massive" deficit and "dysfunctional" banking system, said Cabinet minister Vince Cable. In a London speech (his first since the coalition formed) the Business Secretary vowed to slash red tape, force banks to lend more to good businesses, and make it easier for universities and inventors to make their products commercial successes. Rather than "waving a chequebook" at firms, Mr Cable instead stressed that boosting skills and certain kinds of science or research were key to Britain's future prosperity.