Extracts from Ed Milliband’s speech in Scotland on 19 April and in an interview on the Shifting Grounds website.
“Back in the 1970’s, it was clear the country needed a new way of doing things – a new settlement – and so too today. The old way of running our economy just doesn’t work any more: deregulation, the dominance of finance over industry; allowing large private-sector vested interests to flourish; government getting out of the way in the economy; the promise that the majority would always do well from an in-it-for-yourself, laissez faire, deregulated economy just isn’t working for most working people.”
On the Shifting Grounds website he said, “I now see clearly what the pieces of this are. It’s about a proper skills system, a proper banking system, an industrial policy, tackling short-termism, infrastructure. It’s about a suite of things, some of which they have in parts of the continent, some of which they have in parts of Scandinavia, that come together and form a body of ideas around responsible capitalism. I think it’s absolutely where the public is.
“People sometimes say that I’m too interested in ideas, predistribution and all those sort of wonky things. Of course you’ve got to make the ideas mean something at the kitchen table, but getting the ideas right, the intellectual foundations, is absolutely crucial. And they’re particularly crucial in tough times. It’s easier in good times. But in tough times you’ve got to have a robust sense of where you stand.”