Ed Miliband: tough on parasites

In an interview with the Daily Telegraph, the Labour leader talks about reforming capitalism - and practises a little pest control.

Today's Daily Telegraph carries an interview with Ed Miliband, written by former editor Charles Moore. In it, the Labour leader expands on one of the themes he explored in the New Statesman last week: his plan to "remake capitalism".

He tells Moore:

'I am now much clearer than I was two years ago about the depth of change we need. . . Tony and Gordon were products of their historical circumstances.’ They had to break with the past, but in the process, New Labour became too credulous about business: 'The consensus around regulation ['light touch’] turned out to be really problematic.’ The project became 'too easy and accepting’ about globalisation: 'It’s just not true that all the top CEOs will leave the country unless we pay them whatever they demand’.

The interview picks up on some concrete policy proposals: there is a "strong case" for making takeovers more difficult, and ordinary employees should be represented on the committees which decide executive pay. Miliband also believes that there are too few banks and that the "big six" energy companies have a stranglehold on supply. He adds that wealth is created by "the private sector working with the government. We shouldn't be ashamed of wanting an industrial policy".

Miliband is careful to reassure Telegraph readers that a top 50% tax rate is the limit for him and that it's fine to be rich "if you make it the hard way".

He also manages to swat a mosquito which has settled on Charles Moore's shoulder:

With a commanding show of decision, Mr Miliband squashes it, spattering its remarkably copious blood over my light grey suit. So that’s how he deals with capitalist parasites.

Perhaps he's been taking tips from Barack Obama:

 

Ed Miliband: "It's just not true that CEOs will leave unless we pay them whatever they demand". Photo: Getty

Helen Lewis is deputy editor of the New Statesman. She has presented BBC Radio 4’s Week in Westminster and is a regular panellist on BBC1’s Sunday Politics.

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FTSE 100 plunges after Theresa May signals hard Brexit ahead

The Prime Minister is to lay out her Brexit plan later today. 

The FTSE 100 and the FTSE 250 plummeted this morning after the Prime Minister signalled Brexit will mean leaving the single market.

Theresa May is expected to rule out "partial membership" or any other kind of "half-in, half-out" deal with the EU in a speech later today.

The FTSE 100, the index of the UK's 100 biggest companies, and the FTSE 250 both fell more than 0.3 per cent immediately after opening. 

The worst performers included the housebuilder Barratt Developments, consumer goods tester Intertek and the mining company BHP.

Stock markets have been buoyant since Brexit, in part because many of Britain's biggest companies are international and benefit from a devalued pound. 

However, while markets fell, the pound crept up against the dollar, to $1.21. 

Critics of the Prime Minister say she is sacrificing the economy to prioritise immigration controls.

TUC general secretary Frances O'Grady warned: "If we leave the single market, working people will end up paying the price. It'd be bad for jobs, for work rights & for our living standards."

According to the Office for National Statistics, inflation rose from 1.2 per cent in November to 1.6 per cent in December. 

Julia Rampen is the editor of The Staggers, The New Statesman's online rolling politics blog. She was previously deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines.