Labour would target 鈥榩redatory鈥� businesses while supporting 鈥榳ealth creating鈥� firms

Labour leader Ed Miliband vowed to 鈥渆nd the cosy cartels鈥� that determine pay for senior executives in a keynote speech to the Labour party conference that called for more regulation on 鈥渁sset stripping鈥� businesses.

Miliband said this would be enforced by ensuring pay committees include an employee on the board.

He said a Labour government would introduce reforms to ensure that 鈥減redatory鈥� businesses that were only interested in 鈥渢aking the fast buck鈥� would face more regulation and tax, while 鈥渨ealth creating鈥� firms would keep a competitive tax and regulatory environment.He said: 鈥淲e鈥檝e got to put an end to the idea that those at the top can take whatever they can, regardless of what they give back.

鈥淚t鈥檚 why we must end the cosy cartels of the way top pay is set in our economy. So every pay committee should have an employee on the board.鈥�

He also said that all major government contracts would include requirements to train new workers through apprenticeships, and implied they would favour UK businesses. He insisted his reforms would be pro-business.

Miliband also hinted at a shift in the way social housing is distributed, saying that 鈥渢he person who contributes to their community鈥� shouldn鈥檛 be treated the same as the person that doesn鈥檛.

He highlighted care home provider Southern Cross as an example of the kind of 鈥渁sset stripping鈥� business that needed to face tougher regulation. 鈥淭hey may not have sold their own grandmothers for a fast buck. But they certainly sold yours.

鈥淲e must learn that growth is built on sand if it comes from our predators and not our producers.

鈥淔or years as a country we have been neutral in that battle. They鈥檝e been taxed the same, regulated, treated the same, celebrated the same. They won鈥檛 be by me.

鈥淲hen I am prime minister, how we tax, what the government buys, how we regulate, what we celebrate, will be in the service of Britain鈥檚 producers.

鈥淒on鈥檛 let anyone tell you this is an anti-business choice. It鈥檚 the pro-business choice. Pro-business on the side of the small businesses who can鈥檛 get a loan. Pro-business on the side of the British company losing out to its competitors abroad when their government steps in and our government stands aside.鈥�

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