I am going to confront the old-fashioned negative thinking which says that all government needs to do to generate growth is cut worker and environmental protections, cut taxes on the rich and stroke 'fat cats' until they purr with pleasure. I'm completely repudiating the idea that government has to get out of the way.

In this quote, Vince Cable challenges the traditional economic thinking that suggests the only way for a government to foster growth is by cutting worker and environmental protections, reducing taxes on the wealthy, and catering to the interests of corporations and affluent individuals (the "fat cats"). Cable rejects the idea that governments should simply step aside and allow the private sector to operate freely without regulation. Instead, he advocates for an active role in economic governance and a more balanced approach that doesn’t prioritize the wealthy at the expense of workers and the environment.

Cable's statement critiques the popular economic ideology often associated with neoliberalism, which argues for less government interference in the market. He believes that government has an essential role in regulating industries, ensuring fairness, and promoting sustainable growth. Cable stresses that economic growth should not come at the cost of social equity or environmental health and that governments should not ignore these critical areas when crafting policies.

The origin of this quote comes from Cable's background as a British economist and politician, known for his work with the Liberal Democrats in the UK. Throughout his political career, Cable has been a vocal advocate for a more balanced approach to economic policy—one that includes regulation and investment in public services, rather than prioritizing the interests of the wealthy few. His work has often focused on economic fairness and the need for government involvement in addressing issues like inequality and environmental degradation.

Ultimately, Cable’s quote rejects the belief that economic prosperity can only be achieved through deregulation and tax cuts for the wealthy. He advocates for a more inclusive and sustainable approach, where government intervention plays a key role in ensuring fairness, protecting workers and the environment, and fostering long-term growth that benefits all members of society, not just the elite.