"I recognise that markets distribute resources fairly efficiently. And you need to harness that," he says. "That's an extremely important recognition, because you can't hold that and believe in a command economy. But what I've also recognised is that the distributional effects of a market economy on working men and women can be devastating, and therefore you need a range of protections and rights for people."
"This is what drives the fundamentals of my work now: acknowledging that markets generate wealth, but in doing so create inequalities. It's these inequalities that governments much address. That's the defining political difference between the conservatives and Labor."