By Max Clarke

Labour Leader Ed Miliband delivered his speech at the Labour Party Conference this afternoon this afternoon, promising an end to a failed system.

In it he promises to reward good companies, whilst punishing bad ones.

“We would like to know how Ed Miliband plans to identify and reward ‘good’ companies over ‘bad’ ones,” commented Miles Templeman, Director General of the Institute of Directors. “In practice, we think he would find this neither straightforward nor desirable.

Miliband also made the promise “that we will live within our means. That we will manage your money properly.”

“He should have more faith in customers and investors to decide,” commented Templeman.

“Consumers and investors are better equipped and better informed than ever to impose discipline on firms than any government. Instead of proposing that the state makes choices that are likely to be simplistic and wrong he would be wiser to find ways of boosting competition so that the customer remains king.”

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