Business Secretary Lord Mandelson told the conference Britain was likely to see the economy move away from a dependence on financial services.
He said problems in the financial sector were going to take more time and ingenuity to resolve.
"We've got to identify... what specialist businesses we are going to invest in, where are we going to make our contribution to the global economy," he said.
"We are going to have to find new competitive advantages in Europe. That's going to require both innovation and activism on the part of government."
Lord Mandelson also said there were "important questions" over massive bonuses in the financial services.
"Why have so many incentives for individuals in the financial services sector ended up destroying value rather than creating it?
"What does it mean for the valuable concept of earning your wage in society?"
But he added: "We shouldn't have a problem with high pay for high performance. I see nothing wrong at all in giving rewards for those where you are rewarding excellent performance."
Sunday, 18 January 2009
Times have changed
Mandy on how the crisis will affect the UK going forward, from the Beeb: