Ed Miliband: All in society must benefit from economic growth

By Alex Smith / @alexsmith1982

Writing for Tribune today, Ed Miliband has said that while “the New Labour combination of free markets and redistribution got us a long way”, it is time to look again at the economy so that all may benefit from its proceeds.

Miliband writes:

“We need a new, braver approach for the future…That new approach has to inform the way we think about the economy, society and the state.

“On the economy, the New Labour combination of free markets plus redistribution got us a long way, but reached its limits a few years back. We do need a vibrant market economy, but one of the key lessons of the financial crisis is that it cannot be built on the same foundations as it was before.

“Instead we need an economic policy that recognises the importance of ensuring that all of society, not just the people at the very top, benefit from economic growth. That means ensuring greater responsibility throughout society. We appeared too cavalier about City financiers making off with bonuses even when they destroyed wealth. And we didn’t do enough on ensuring rights for agency workers. In the future, we must make it core to our mission to ensure the benefits system supports responsibility.”

Read the full article, on the economy, immigration and the role of markets and the state on the Tribune website.