The Confederation of British Industry (CBI) has\u00a0responded to Jeremy Corbyn\u2019s inaugural speech at the party conference in Brighton.\r\n\r\nJohn Cridland, the organisation's director-general, said:\u00a0\u201cWe share Labour\u2019s aim of ensuring the benefits of growth are spread more evenly across the UK, but we don\u2019t recognise Mr Corbyn\u2019s characterisation of the economy.\r\n\r\n"While there\u2019s still more to do on exports, the recovery is more balanced than Mr Corbyn argues. It is not based on a house price-fuelled asset bubble, but on business investment, which is spurring stronger wage growth and rising living standards."\r\n\r\nCridland added that far from driving down wages, globalisation has in fact "drawn many people around the world out of poverty", offering "hope and opportunity".\r\n\r\nThe CBI said its areas of "common ground" with Labour include education for every child and housing for every family. But it said\u00a0a thriving private sector is a necessary component to generate the wealth needed to achieve Corbyn\u2019s objectives.\r\n\r\nThe\u00a0CBI has around\u00a0190,000 members, including businesses of all sizes and sectors which together employ nearly 7 million people. This accounts for about a\u00a0third of the private sector-employed workforce.