Mortgage News
Miliband: Economy too dependent on financial services
Newly elected Labour leader Ed Miliband used his first address to the party conference this afternoon to criticize the Coalition’s deficit reduction strategy, and set out what changes Labour proposes for the economy.
Miliband made clear his belief in the need to reduce the deficit, and even admitted he would not oppose all of cuts the government will make. He said: “We must win back economic stability by the next general election.”
However, the leader of the opposition said the Coalition’s deficit reduction plan is on too large a scale and in such a short time period it will do more harm than good, and accused the Conservatives and Liberal Democrats of “irresponsible” cuts.
“When you strip your recovery plan down to deficit reduction alone, you have no plan for growth, and that is what this government has done,” Miliband said.
He also accused David Cameron of “hiding behind the deficit” to justify his “pessimistic” view of “what Britain can achieve”. Miliband went on to say the economy is “too dependent on financial services” and “too many people are on low pay”.
He pledged to make Labour “the party of enterprise and small business again” and advocated a crackdown on exploiting immigrant labour, a new living wage, and “a tax system for business that supports responsibility”.
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