Business Secretary Vince Cable has launched a searing attack on the City "spivs and gamblers" who crippled the British economy.
In a rousing speech to round off the first Liberal Democrat conference since they entered coalition, Mr Cable condemned the "outrageous" scale of bank bonuses after the credit crunch.
But he also attempted to calm business concerns over his damning critique of capitalist excess and threats to legislate against big payouts, insisting he was not seeking "retribution".
The address in Liverpool was littered with crowd-pleasing rhetoric to counter activists' anxiety over the compromises made to govern with David Cameron.
In abrasive remarks that contrasted with leader Nick Clegg's more emollient tone on Monday, Mr Cable admitted it was "not much fun" being in bed with the Conservatives. But he said it was "necessary for our country that our parties work together at a time of financial crisis".
He said the Lib Dems were "punching above our weight" in the coalition, stressing that the Tories had been forced to accept changes to income tax and capital gains as well as dropping key policies such as cutting inheritance tax.
"Ironically, we may be able to make more progress on a fairness agenda with the Conservatives than New Labour was willing to do," he said. "Labour was constantly on its knees trying to prove that it was a friend of the super-rich."
Giving Lib Dem activists a green light to criticise coalition policy, Mr Cable said the party had to "maintain our distinctive and progressive tax policies for the future".
"In government we are trying to put Lib Dem ideas into action; your job is to keep us honest," he said. "We have punched above our weight in government because we have a democratic party which has clear principles and policies."
He suggested the party had not given up hope of further tax reforms, saying he "personally regretted" that plans for a mansion tax on homes worth more than £2 million had been dropped for the coalition agreement.
Business Secretary Vince Cable has launched a searing attack on the City "spivs and gamblers" who crippled the British economy.
In a rousing speech to round off the first Liberal Democrat conference since they entered coalition, Mr Cable condemned the "outrageous" scale of bank bonuses after the credit crunch.
But he also attempted to calm business concerns over his damning critique of capitalist excess and threats to legislate against big payouts, insisting he was not seeking "retribution".
The address in Liverpool was littered with crowd-pleasing rhetoric to counter activists' anxiety over the compromises made to govern with David Cameron.
In abrasive remarks that contrasted with leader Nick Clegg's more emollient tone on Monday, Mr Cable admitted it was "not much fun" being in bed with the Conservatives. But he said it was "necessary for our country that our parties work together at a time of financial crisis".
He said the Lib Dems were "punching above our weight" in the coalition, stressing that the Tories had been forced to accept changes to income tax and capital gains as well as dropping key policies such as cutting inheritance tax.
"Ironically, we may be able to make more progress on a fairness agenda with the Conservatives than New Labour was willing to do," he said. "Labour was constantly on its knees trying to prove that it was a friend of the super-rich."
Giving Lib Dem activists a green light to criticise coalition policy, Mr Cable said the party had to "maintain our distinctive and progressive tax policies for the future".
"In government we are trying to put Lib Dem ideas into action; your job is to keep us honest," he said. "We have punched above our weight in government because we have a democratic party which has clear principles and policies."
He suggested the party had not given up hope of further tax reforms, saying he "personally regretted" that plans for a mansion tax on homes worth more than £2 million had been dropped for the coalition agreement.