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15 September 2012

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.

By Helen Lewis

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”.

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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: