Global leaders must respond to anxieties of ordinary

SUPPORTERS of free trade and globalisation must respond to the anxieties of ordinary people to stem the growth of anti-liberal forces on the extreme right and left, Theresa May has said.

In a speech to global political and business leaders at the World Economic Forum in Davos, Switzerland, Mrs May warned they must secure public consent for an economic system which she said had delivered “unprecedented levels of wealth” but left many people feeling “locked out and left behind”.

She set out what she termed a “manifesto for change” to ensure “free trade and globalisation work for everyone”.

Businesses must pay their fair share of taxes, invest in communities and address concerns about high executive pay, said the Prime Minister. Governments must take a “new active role”, intervening in the economy to ensure that the benefits of success are shared by all and to support communities undermined by a “cult of individualism”.

Mrs May said her plans for change would be reflected in the Government’s industrial strategy - expected to be published next week - which would address “long-standing and structural weaknesses in our economy” to spread the benefits of wealth creation around the country.

“Our strategy is not about propping up failing industries or picking winners, but creating the conditions where winners can emerge and grow,” said Mrs May.

“It is about backing those winners all the way to encourage them to invest in the long-term future of Britain, and about delivering jobs and economic growth to every community and corner of the country.

“We can’t leave all this to international market forces alone, or just rely on an increase in overall prosperity. Instead, we have to be practical and proactive – in other words, we have to step up and take control to ensure free trade and globalisation work for everyone.”