Ed Miliband backs 10p lower rate of tax: Politics live blog Ed Miliband's speech may be remembered as the "You've never had it so bad" speech. That is because he is going to make an explicit contrast with the message that Harold Macmillan delivered in 1957. Here is the key passage, from extracts from the speech released by Labour overnight. In 1957, the Conservative Prime Minister Harold Macmillan gave a speech just across the river here, to celebrate Britain's economic success. New jobs, higher wages, greater opportunities for people to make something better for themselves and for their families. It became known as the speech where he declared "you've never had it so good." Today in Bedford, in Britain as a whole, things are very different. Small businesses are working harder than ever before. People are working harder than ever before. But for far too many, wages are falling and prices are rising. Far from feeling they have never had it so good, millions across Britain today fear 'they will never have it so good again'. That's why I have come to Bedford today. Because I think the answer starts with a truth that we have forgotten as a country: that economic recovery will be made by the many, not just by a few at the top ... Over the last three decades or so, an entire half of the population has earned less than 15 pence of every additional pound Britain has made, while 24 pence in every pound has gone to the top 1% of earners. That makes it harder for Britain's economy to succeed. But the problem now is that things are getting worse not better. This government promised change. But change isn't coming. The Government is cutting taxes for one group this year: the very richest in society. This April, 13,000 millionaires will each get a tax cut of £100,000. Now, we need very successful entrepreneurs in Britain. Making profits, being rewarded. But we can't succeed as a country just by hoping wealth will trickle down from those at the top to everyone else, our economy won't turn around that way. David Cameron talks about a global race. And it is essential that we can compete with China and India and others. But I have to tell you, Britain won't win a race to the bottom by competing in the world as a low skill, low wage economy.