Ed Miliband's attack on private equity firms and "bad businesses" has already fallen apart, with senior Labour party figures criticising it as unworkable and business leaders saying Ed's policies would "clobber" small firms.
The Labour leader told conference yesterday that he would tax and regulate 'predators' and 'producers' differently.
'We must learn the lesson that growth is built on sand if it comes from our predators and not our producers. For years as a country we have been neutral in that battle. They've been taxed the same. Regulated the same. Treated the same. Celebrated the same. They won't be by me.'
Former chancellor Alistair Darling questioned how "good" and "bad" businesses could be defined and Shadow Treasury Minister Chris Leslie said "what you mustn't do is start to pick good winners and good losers". The FSB said that the only policy announcement in the speech - linking public procurement contracts with taking on apprentices - risked "clobbering small businesses, making it almost impossible for them to actually win public sector contracts."
Conservative party deputy chairman Michael Fallon said:
"This cynical attack on business is falling apart already. Labour would clobber small businesses and haven't offered a single positive idea for growth. Ed Miliband is a weak leader telling his party what they want to hear, but even his own front bench can't defend his policies."