Miliband sets out ‘wealth creation’ agenda
LABOUR leader Ed Miliband last night called on whichever party wins the next General Election to fight to support the business community sector.
Delivering the keynote speech at the CBI’s Yorkshire and Humber annual dinner, the MP said the relationship between the political parties and business was “absolutely crucial to the future of our sector”.
Mr Miliband admitted to the audience of around 500 business leaders that Labour needed to learn lessons from its past relationships with the business community to help to create an “agenda for wealth creation and social justice”.
Mr Miliband told the audience: “We’re in a moment of real change and you’re the people on the front line. We (political parties) need to support you better. There are lessons we can learn.”
He said the economy had been “too exposed” to the financial services sector in the run-up to the recession and said “short-termism” around issues such as bank lending were holding businesses back when competitors in other countries were being given the financial support they need.
He called on world leaders meeting at the G20 Summit in early November to develop a “clear plan for growth” and said if Labour was in power the party would cut VAT and help young people get back into work.
But he also admitted that public sector spending cuts and the raising of taxes – policies the Coalition Government has pursued – would also be adopted by Labour if in power.
Addressing the audience, CBI director-general John Cridland called on the political parties to “incentivise innovation, inspire confidence and encourage investment”.
Mr Cridland said businesses should not be punished for wanting to achieve growth.
He said: “Finding fault with businesses for wanting to make profit is like criticising a centre forward for wanting to score goals.”
Mr Cridland described Mr Miliband’s speech at the recent Labour Party conference as “thoughtful and brave” but said the CBI didn’t agree with his claim that many in the business community were “asset strippers”.
“We don’t think the actions of a few should make business the whipping boys,” he added.
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