The U.K. Economy Isn’t Working: Miliband

The U.K. economy isn't working, the leader of the country's opposition Labour party told CNBC.

"It doesn't work for most people in our country and we've got to change it," Ed Miliband told CNBC at his party's conference in Manchester. Labour would do that by working with businesses across the country and global businesses "we want investing here."

Ed Miliband.
Oli Scarff | Getty Images
Ed Miliband.

"If you want a party that's going to work with businesses on apprenticeships, on prosperity, on a fair tax system, on ensuring we can have the kind of investment we need, the kind of banking system we need, and a party that's going to stay in the European Union then that's the labour party," he told CNBC.

Yesterday he took center stage at the Labour Party Conference, delivering his key note speech for the run-up to the 2015 general election. However, he has been criticised for omitting any mention of the U.K. deficit – an issue that's crucial for voters in the United Kingdom.

He pledged to increase spending on health, by bringing in a "mansion tax" on homes worth more than £2 million. Miliband also said he plans to raise taxes and target hedge funds.

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