New Labour leader Ed Miliband has stressed he will not oppose all the cuts proposed by the Government in the coming weeks.
Speaking at the Labour annual conference in Manchester this afternoon, Miliband said he would not oppose all the Coalition’s cuts and wants Britain to learn its lessons as it reduces the deficit.
He said: “I agree strongly that we need to reduce the deficit, if we were in Government we would be making painful cuts now too. I won’t oppose all the cuts that will be announced, we will have to support them. And when we get back into office I might want to reverse some of the cuts, but cannot.
“But I am serious about [reducing the deficit] by learning about the basic lessons of economics and history.”
Miliband also warned that the deficit cut must not be so fast and deep so as to inhibit growth and return to a recession. He said: “To reduce economic policy to deficit reduction alone means there is no plan for growth, which is what this Government is doing.”
The new Labour leader also said the UK economy was still too reliant on the financial services industry and called for more levies on bankers.
He said: “What society have we become where a banker can earn in a day what a care worker earns in a year? I want to change the economy to make it work better for all, not just those at the top.”