Miliband Admits Fiscal Crisis 'Down To Labour'

Financial matters have been at the heart of Labour Leader Ed Miliband's agenda for the future - but has also come to the forefront on past mistakes.

He has denied that his Labour conference speech in Liverpool - where he attacked "predatory" firms and a "fast-buck" culture - was "anti-business".

Yesterday, he told the BBC his aim was actually to improve behaviour in the commercial sector in an effort to improve the UK's economy.

But he said, large bonuses for bosses who achieve little should be phased out, he added.

In other comments on fiscal matters, Ed Miliband has told Sky News that Labour "takes responsibility" for the financial crash and the economic system has to change.

This is at odds with his own Shadow Chancellor Ed Balls who said that while Labour had made "mistakes", the 2007-2008 crisis was not caused by the party's spending plans.

Now, the Labour boss has admitted: "We take responsibility for the financial crisis that took place in 2007-2008.

"We along with other governments didn't regulate the banks properly."

The opposition leader said he hoped his speech to the party's annual conference set out the ways he would run the country differently.

He called for a "something for something" culture, which rewards people according to how much they contribute to their community.

He said that, for too long, the economy and welfare systems have benefited the wrong people, he suggested.

The speech was well received by Labour members in the conference hall, and union leaders who said Mr Miliband was a "man on a mission".

(BMcC/GK)