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AppId is over the quota
27 September 2011 Last updated at 14:33 GMT By Brian Wheeler Political reporter, BBC News, in Liverpool Ed Miliband: 'We will manage your money properly'
The Labour leader claimed Britain was crying out for a new kind of society in which the right people - responsible "grafters" - are properly rewarded.
He attacked "predatory asset-stripping" firms and anti-social housing tenants.
And he vowed to fight for a new bargain in our economy so reward is linked with effort".
The Labour leader was speaking against a backdrop of falling poll ratings and attacks from union leaders leaders angry at his decision not back a TUC day of action over pension changes.
'Wrong values'But he opted to eschew big policy announcements in favour of setting out his personal philosophy and why he feels the country needs to change.
He admitted that Labour had "lost trust" on the economy but he said he was determined to regain it - and he vowed that the "next Labour government will only spend what it can afford".
But he said shadow chancellor Ed Balls had been "right" to call for a slowdown in spending cuts - and he pleaded with David Cameron to change course on the economy.
"Recognise what is staring you in the face - and understand that protecting our economy matters more than protecting your failed plan," he advised the prime minister.
He told delegates the phone hacking scandal, the banking crisis and the summer riots "point to something deep in our country - the failure of a system, a way of doing things, an old set of rules.
"An economy and a society too often rewarding not the right people with the right values, but the wrong people with the wrong values."
He said moral decline was due to the way successive governments - including New Labour - had chosen to run the country.
'Down the river'Some of what Margaret Thatcher did - such as council house sales, punitive tax rates and ending the union closed shop and strikes without ballots - had been "right".
And New Labour also achieved much, he argued, but "we did not do enough to change the values of our economy," said the Labour leader.
And the result was a society in which vested interests such as the energy companies and banks prospered and the wrong people - such as Royal Bank of Scotland boss Sir Fred Goodwin - got the most rewards, argued Mr Miliband.
He earned loud cheers from delegates for attacking what he called Britain's "fast buck" culture - saying the country had to learn the lesson that "growth is built on sand if it comes from our predators and not our producers".
He praised companies that contribute to society and accused the government of selling BAE Systems and train maker Bombardier "down the river".
He ended with a sustained attack on David Cameron accusing of betraying public trust on the NHS - and gained a standing ovation with his message: "You can't trust the Tories with the NHS".
He said: "If you want someone who will rip the old rules so that the country works for you, don't expect it from this prime minister.
"On the 50p tax rate, on the banks, on the closed circles of Britain, on welfare, on the NHS, he's not about a new set of rules. He's the last gasp of the old rules."
CBI director general John Cridland said: "With growth weak, Ed Miliband is looking for a new business model, but he must be careful not to characterise some businesses as asset strippers."
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