Miliband outlined his new course at Labour’s 2011 annual conference. Surprisingly, given his reputation, Miliband told those assembled that Margaret Thatcher had introduced necessary reforms, such as selling council houses to tenants, cutting punitive income tax rates and reforming trade union laws. More conventionally, he praised New Labour for building schools and hospitals, introducing a minimum wage and reducing child poverty. But both, he argued, had left unchanged ‘the values of our economy’. This meant that even before the banking collapse, ‘the grafters, the hard-working majority who do the right thing’, stopped being adequately rewarded for their efforts. Their ambitions were frustrated as those at the top took what they wanted and it was this pursuit of the ‘fast buck’, Milband, argued, that had caused the financial crisis. He wanted therefore to promote a fairer and therefore more efficient economy, believing that if workers were treated better they would become more productive and contribute more effectively to an expanding economy. If Miliband claimed that ‘all parties must be pro-business today’, he distinguished between business leaders such as Fred Goodwin, who ran the Royal Bank of Scotland into the ground while making millions for himself, with the likes of John Rose, of Rolls Royce, a man who created wealth and jobs. Miliband said he would support those emulating Rose, entrepreneurs, he termed the ‘producers’ who ‘train, invest, invent, sell’ rather than ‘predators’ like Goodwin just interested in ‘taking what they can’.