By Marcus Leach

Chuka Umunna MP, Shadow Secretary of State for Business, Innovation & Skills, believes that the world is experiencing unpredictable change, and with this comes opportunities.

Speaking at the Institute of Director's Annual Conference at the Royal Albert Hall he said that there are major forces shaping our global future, and with each one there are opportunities and challenges.

"Think of the global forces shaping our global future," he said. "Climate change, population shifts, the balance of economic power moving South and East, huge advances in technology, increased economic competition.

"Big issues and forces that a lot of you are already dealing with. You know as well as I do that thee forces present both opportunity and challenge; both promise and peril."

He went on to say, that whilst acknowledging the Chancellor's speech earlier in the day, we need to be doing more to prepare our economy for the impact of these global forces.

"We need to be doing much more to prepare our economy for these global forces that are transforming the world," he added.

"And in doing so, we must heed the lessons of history. A lesson of an unbalanced economy over-reliant for growth on sectors like finance and housing, and on London and the south-east.

"A lesson of an economy where too few of the gains from growth reached working families, leaving them overstretched.

"A lesson of an economy too focused on the short-term, not on a long-term vision of the future we need."

So, given that it is easy to sit back and criticise the government, what would he suggest needs to be done to impact a change?

"It's about putting the spirit of enterprise at the centre of our national story and get our young people into work," was his answer.

"So, by delivering a visionary and practical industrial, in partnership with a vigorous private sector, we can reform our economy so it delivers more long term sustainable growth."