Thursday, 17 November 2011

Ed Miliband Calls for 'More Responsible' Capitalism in Attack on Bankers' Pay

THE DAILY TELEGRAPH: The Labour leader, Ed Miliband, has called for a “more responsible” capitalism in a fresh attack on the “vested interests” in financial services that he claims have undermined the moral fabric of society.

Mr Miliband condemned “unjustified” pay rises for city executives and suggested new laws may be necessary to stop “predatory” businesses operating for “short term” profit.

He called on the government to “change course” by spending more on public services to foster growth and joining a cross party movement to reform the way capitalist markets operate.

Mr Miliband's speech, to a think-tank in London, follows results showing the number of unemployed young people reached one million for the first time.

On Wednesday, the Bank of England warned of an increased threat of a double-dip recession and cut its official growth forecasts to 1% for both 2011 and 2012.

Speaking to the Social Market Foundation, Mr Miliband said the figures marked a “black day for Britain” and accused David Cameron and George Osborne of “hiding away” from the news. » | Tim Ross, Political correspondent | Thursday, November 17, 2011