In a speech at the University of London on Thursday the Miliband said that the belief that free markets produce egalitarian outcomes had been proven wrong.
"Our country only works for the privileged few today, not for most people," he said. "Inequality is not some accident. It's driven by beliefs. Wrong beliefs. The idea that markets will always get the right outcomes, even if that means that powerful interests get all the power. And above all that the success of the country depends on the success of those at the top and it will trickle down to everyone else. These ideas have failed."
In a speech aimed at blunting sharp criticism of his leadership in recent weeks, Miliband returned to traditional Labour themes of tackling inequality and vested interests. Reports had claimed that Miliband's leadership was in "crisis" with senior MPs from his own party briefing the press that as many as 20 shadow ministers were poised to call for him to step down before next year's election.
This article is being updated. Click here to refresh.