ED Miliband yesterday promised to rip up the “old rules” to create a better society and economy if Labour is elected.

Labour was offering a “new bargain” to the British people to replace the “fast buck” culture that has held sway over the past three decades, said Mr Miliband in his main speech to his party’s annual conference in Liverpool.

A Labour government would use tax, regulation and contracts to favour companies which invest in their communities, offer apprenticeships and training and create wealth for the nation, while penalising “predators” that simply seek to make money by asset-stripping.

Workers’ representatives would be put on every company’s pay board to put a brake on “unjustified rewards” at the top. And action would be taken to break up the “rigged market” in energy that delivered massive profits to a few giant companies but left consumers with soaring bills, said Mr Miliband.

The Labour leader also said the welfare system should be reformed to ensure work pays and that benefits go to those who genuinely deserve them.

Len McCluskey, head of the Unite union, hailed it as the best speech by a Labour leader since the late John Smith.