Ed Miliband promised "profound" changes to the Labour party, akin to those enacted by Tony Blair in 1994.
In an interview with the Guardian, the opposition leader announced that Labour are in the "early stages" of this new journey, but confirmed that he is now sure about the direction in which the party is to go.
The leader of the opposition declared that unlike his Conservative counterpart, he would not be making "short-term fixes nor short cuts to success". Secondly, he restated his belief that British society is intrinsically unequal, and consequentially, Labour will commit to the 50p tax rate in order to redress this natural imbalance.
Miliband's Labour will "ask more of markets"; for example, he wants tighter minimum wage legislation to ensure that the state is not subsidizing the living wage. Broadly, Miliband is seeking social justice whilst minimizing the need for welfare-state redistribution. "I don't consider myself a sort of statist, he said".
What about Labour's recent neo-Thatcherite political economy? "Don't knock it, because it achieved a lot, like the rebuilding of the public realm, tackling poverty. But it also had its limitations." Nonetheless, he admits that New Labour took Britain into the recession with too high a deficit, and left Britain "overexposed" to the city.