PressTV

The Labour leader speaking to business heads for the first time since his election last month stressed that lessons should be learned from the financial crisis, British media reported.

Miliband expounded on his idea, suggesting that a new system of financial regulations should be introduced, the economy should regain its balance and everyone should be ensured that he would be able to make "a decent living." "Without profound change in the way we manage our economy it seems to me we are at risk of at best sleepwalking back to an economy with the same risks as we saw before the recession hit," he said.

Miliband dubbed "Red Ed" by his critics, insisting that he would take forward New Labour's pro-business approach but would modify it to take account of changing times.

"In the 1990s, New Labor changed its approach to business. It recognised the role of wealth creation as well as the distribution of wealth.”

"It recognised the centrality of economic efficiency alongside social justice, and it recognised also that Government and business working together in partnership was the best way forward for our country,” Miliband added.

"I want to take forward all of these insights into the future relationship that we have together."

He, however, added that the "world has changed," and being pro-business requires something different from the 1990s.

He warned that the coalition government's approach to the deficit, with £81 billion of spending cuts to eliminate the structural deficit within four years, was a "big gamble."

Miliband insisted that it was not enough to assume that "all else will flow" from deficit reduction.

http://www.presstv.ir/detail/148504.html