"But with such great people, how have we ended up with the problems we face?
It’s because of the way we have chosen to run our country.
Not just for a year or so but for decades.
Now there are hard lessons here for my party which some won’t like.
Some of what happened in the 1980s was right.
It was right to let people buy their council houses.
It was right to cut tax rates of 60, 70, 80 percent.
And it was right to change the rules on the closed shop, on strikes before ballots.
These changes were right, and we were wrong to oppose it at the time.
But while some of it was right, too much of what happened was based on the wrong values.
That’s where New Labour came in.
The rebuilt schools, new hospitals, more police.
The minimum wage, tax credits, the new deal.
Half a million children lifted out of poverty.
Britain with Labour: the only country in Europe where poverty was not going up, but was going down.
My party is proud of that record.
And so am I.
But good times did not mean we had a good economic system.
We changed the fabric of our country but we did not do enough to change the values of our economy. "
Hotting up, this contains just about the only reference to Europe...
For the full speech see following link.
Labour Party Conference: Ed Miliband's speech in full - Telegraph