Mandelson abandons Globalisation ideal

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A topic from News & Current Affairs: Business

laresMon 30/01/12 17:54

"Lord Mandelson has admitted he is no longer "intensely relaxed about people getting filthy rich as long as they pay their taxes", given rising inequality and stagnating middle-class incomes brought about by the damaging downsides of globalisation.

Almost a decade and a half after making the remarks, which were seen as characterising the Labour government's embrace of free markets and the City, Mandelson said he was "much more concerned" about inequality than when he made first made his comments to a US industrialist in California in 1998.

Describing his previous remarks as "spontaneous and unthoughtful", Mandelson who has held a number of government posts during his long political career but was most recently business secretary in Gordon Brown's government, said he would not repeat them today.

Speaking on BBC Radio 4's Today programme after the publication in Davos on Wednesday of a thinktank report on the future of globalisation, Mandelson said: "I don't think I would say that now. Why? Because amongst other things we've seen that globalisation has not generated the rising incomes for all.""

http://1sq.me/yiMfeP

I'm glad our Pete has seen the error of his ways - albeit rather too late.

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