Business secretary Vince Cable has come in for criticism following a speech he made yesterday at the Liberal Democrat conference in which he called bankers "spics and gamblers."

Cable also attacked the state of the free market and reiterated calls for reform of the banking system to separate High Street and investment activities, so as to prevent a repeat of the financial crisis.

Business groups questioned the "emotional" tone of the speech and said there was no alternative to a private sector led recovery.