Monday 21 November 2016 10:27 am

Theresa May welcomes capitalism 2.0

Theresa May has today urged businesses to take a new approach to capitalism, or risk pushing away the public at large.

Speaking at the Confederation of British Industry (CBI) conference, the Prime Minister called for "embracing a new approach ensure everybody in the benefits of economic growth"

May noted that, although her and her party would always support businesses and the free market, it was vital to recognise such concepts had their downside and some people were not benefiting as much as others.

"If this is what we value, we need to be prepared to adapt and change," May added.

Read more: The inside story: How SoftBank persuaded Theresa May to ok its Arm takeover

May's words echo a speech she gave earlier this month at the Lord Mayor's banquet, where the Prime Minister warned that, if the world's largest economies wanted to continue to embrace globalisation, politicians must be prepared to accept some people were unpleased with its effects and would continue to use their vote to express their views.

Focusing on businesses specifically in her CBI speech, May confirmed that government would shortly be releasing a green paper on corporate governance, noting that it was important to recognise that many of the public had lost their trust in corporates.

"The behaviour of the limited few has damaged the reputation of the many," May said.

Read more: Theresa May just congratulated Donald Trump on winning the US election

Moving onto the Brexit negotiations, May stuck to her guns on not providing a running commentary on the talks, saying making such insights public would see the country ending up in the "worst place rather than the best place".

However, May added that she recognised businesses "did not want a cliff edge" on Brexit day, suggesting she would consider the need for a transition period during the EU exit talks.

Looking ahead to Wednesday's Autumn Statement, May said that chancellor Philip Hammond was gearing up to unveil an "ambitious" plan, in particular noting that government was planning to commit to bolstering spending in research and development.