An international view from the man nicknamed ‘Brains’

Mr Miliband, the former Foreign Secretary who gained a first in Politics, Philosophy and Economics from Oxford, showed the extent of his learning during a keynote speech at the YIBC.

Mr Miliband delivered an upbeat assessment of Europe’s long-term prospects, despite the upheavals in the eurozone.

In his speech, Mr Miliband warned that we could be faced with a leaderless world, in which the western nations can no longer lead on their own, and the new superpowers in the east are reluctant to provide leadership, because they are focusing on their internal challenges.

Mr Miliband also noted that new leaders were emerging in China, which was prompting speculation about China’s long -term role. He believed that China’s new leaders could start to play a more active role in shaping policy.

He said: “My bet is that China is going from being a veto power, to move into a period of being a propositional power.”

Mr Miliband, who was Foreign Secretary from 2007 to 2010, also spoke out against the dangers of centralising government,

In September, he will take up a new role as chief executive of the International Rescue Committee, a humanitarian organisation based in New York.

VERDICT: 9 /10: An erudite, funny, engaging speech which covered a vast array of subjects. He carried off the delicate task of making his message relevant to a provincial business audience, while also looking at trends that stretch far beyond the Yorkshire coast.

He clearly believes the future lies with autonomous, dynamic urban centres.