Economist Vince Cable told Sutton businesses the banking system needed to be "revolutionised".

The Liberal Democrat deputy leader, who famously predicted the credit crunch five years ago, also said high street and investment banks needed to be separated to minimise the scale of future financial crises.

Speaking at Holiday Inn, Mr Cable also said the Lib Dem party were ready to rebuff increased scrutiny which has followed in the wake of leader Nick Clegg's sudden popularity.

He said: "There is a push back now, a real venom and an awful lot of very powerful vested interests.

"They are very upset...and they are coming for us and we're ready for it.

"We'll keep calm and we'll talk about our own agenda."

Dozens of local businessmen and women attended the meeting, which was joined by MP for Sutton and Cheam Paul Burstow and MP for Carshalton and Wallinton Tom Brake.

Mr Cablealso placed investment in education and training at the forefront of ensuring recovery, and talked of the importance of combating personal debt.

He also accused the Government of not using nationalised banks to full advantage.