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Ed Miliband voiced his aim to rid a “fast buck” culture that prevails in Britain and also attempted to restore voters' confidence in his party by trying to break away from the image established by former Labour leaders.

In what was perceived as an anti-business speech, Ed Miliband attacked “asset-stripping” companies for damaging attempts to bring about economic recovery.

The Labour party leader condemned Britain’s economy and society for “too often rewarding not the right people with the right values but the wrong people with the wrong values”.

“We have allowed values which say take what you can, I’m in it for myself, to create a Britain that is too unequal,” he told the Labour Conference in Liverpool.

“The people at the top taking unjustified rewards isn’t just bad for the economy. It sends a message throughout our society about what values are OK.”

Accusing Britain of being adhered to “a quiet crisis that doesn’t get the headlines”, the opposition leader blamed big and powerful companies of being allowed to “get away with anything”, while energy companies had “ripped off” consumers and finance had been allowed to “triumph” over industry.

“It will be a tough fight to change Britain,” Mr Miliband added, pledging he was “up for the fight” for “a new bargain in our economy so reward is linked with effort”.

Lord Jones, a former CBI chief and trade minister in Gordon Brown's government, said that business leaders would “feel offended and see him as displaying poor statesmanship at a time when the country needs leaders, not players to a union gallery”, describing the speech as a “divisive and a kick in the teeth” for business.

During his speech, which went off air for a few minutes due to technical issues, Miliband criticized the Conservative and Liberal Democrat spending cuts, saying the Government’s austerity plan is “failing”, labelling it a “dangerous time” for the British economy.

But the Labour party leader’s speech echoed that of Ed Ball’s, when he failed to pledge to reverse many of the coalition’s austere cuts, if they were to assume power, much to the disdain of trade union delegates who were present at the conference.

“The next Labour government will still face tough decisions.”

“We won't be able to reverse many of the cuts this government is making. And let me tell you, if this government fails to deal with the deficit in this parliament, we are determined to do so," he said, vowing to boost growth.

Mr Miliband acknowledged trust needed to be reinstated for the party, amongst the public, over its credibility on the economy. Distancing himself from Labour leaders that preceded him, suggesting they adopted a “fast buck” culture, the leader attempted to create a separate identity.

“I'm not Tony Blair. I'm not Gordon Brown either. I'm my own man. And I'm going to do things my own way,” the 41 year old leader declared.

“People need to know where I stand. The Labour party lost trust on the economy. And under my leadership, we will regain that trust.”

“I am determined to prove to you that the next Labour Government will only spend what it can afford,” he said, promising they would live within their means.

Len McCluskey, leader of the Unite trade union, welcomed the speech, describing it as seeing “a man on a mission.”

“There is definitely a phoenix rising from the ashes, into a people's party.”

However, Conservative co-chair Sayeeda Warsi accused Miliband of playing into the hands of his Party.

“What we heard today was a weak leader telling his party what it wanted to hear,” she said. “All he promised was more of the same spending, borrowing and debt that got us into this mess in the first place.”