Billions of taxpayers' money has been wasted in bad deals. The London Underground modernisation, personally negotiated by one of Gordon Brown's team, was a disaster, as the National Audit Office has confirmed.

The idea was quickly buried following the 2010 election[citation needed]. Essay in 'The Red Paper on Scotland' ed. For most of that time they would have been better off investing in government bonds.

Cable studied economics at the University of Cambridge and the University of Glasgow before becoming an economic advisor to the Government of Kenya in the 1960s and to the Commonwealth Secretary-General in the 1970s and 1980s. Cable became the Liberal Democrats Treasury Spokesman in June 2003 and was elected Deputy Leader of the Liberal Democrats in March 2006 becoming Acting Leader for two months in 2007 following Sir Menzies Campbell's resignation until the election of Nick Clegg.