The New Labour project is not over, despite changes to government policy in the Pre-Budget Report, business secretary Lord Mandelson said last night.
Speaking to business leader, Lord Mandelson said efforts to dampen the effects of recession did not entail a complete break with the past.
Many political commentators and opposition parties cited some of Monday's proposals, such as a new top-rate of income tax, as the return of 'old Labour'.
But the business secretary told the Institute of Directors: "It wasn't. It is the times that have changed, not New Labour.
"It is absolutely right, at a time of financial crisis the like of which has not been seen for decades, that government throws its whole weight behind restoring the banking system to ensure the proper functioning of the economy.
"We have intervened in the banking crisis not to crush markets but to rescue them, because we want markets to work better.
"New Labour is about more than just the top tax rate. It is, above all, about maintaining stability in our economy to give business the confidence and predictability to invest. It is about sustaining an enterprise culture as the foundation of a strong society."