Labour leadership contender Ed Miliband has said there are "big issues" for the party to face up to if it is to regain electoral popularity.
"People lost a sense of who we were and what we believed," he told Today presenter Sarah Montague.
"We began as a party of the windfall tax on the privatised utilities and the minimum wage in 1997.
"We ended, despite doing great things, as the party that was defending bankers bonuses and... pushing forward ID cards."
Mr Miliband indicated that he would support measures to curb wealth inequality, saying he was "not the candidate for the easy life".
And he accepted that there had been too many "psychodramas" within New Labour, but insisted he had been one of the least tribal members of the government.
"I was one of the people who tried to bridge some of the nonsense there was," he said.
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