People to curb rise of extremists, says PM

While those at Davos were united in regarding free trade and globalisation as “overwhelmingly positive” forces, for many ordinary people they represent threats to their jobs, wages and communities which make them “fearful”, said Mrs May.

“In their minds, it means watching as those who prosper seem to play by a different set of rules, while for many, life remains a struggle as they get by, but don’t necessarily get on.”

She warned that extremists on right and left were “seeking to exploit this opportunity” by embracing the politics of “division and despair”.

Mrs May said: “We must never forget that our first responsibility as governments it to serve the people.

“And it is my firm belief that we – as governments, international institutions, businesses and individuals – need to do more to respond to the concerns of those who feel that the modern world has left them behind.”

Liberal Democrat leader Tim Farron said: “The Prime Minister certainly has a brass neck. She goes to Davos to lecture businesses about looking after the little guy, yet she threatens to turn the UK into Europe’s biggest tax haven.

“This shows, yet again, that this Tory Government are treating our country like UK plc. They are running our economy like it is a closing-down sale. But higher prices and more expensive fuel mean families will feel the brunt of this Government’s bad economic policies.”

Ana Arendar, head of Oxfam’s inequality campaign, said: “Oxfam welcomes the Prime Minister’s commitment to an ‘ambitious programme of economic and social reform’ to ensure the benefits of globalisation are shared more fairly.”