Theresa May has said Britain's vote to leave the European Union and the election of Donald Trump have transformed the world in a year.

In a major foreign policy speech at the annual Lord Mayor's Banquet in London, May said "change is in the air" and "it's the job of politicians to respond."

And she warned that governments must heed people's concerns about the impact of globalization on jobs and communities.

May told a black-tie dinner at London's medieval Guildhall: "We meet in a world transformed."

However, the Prime Minister, who has been widely criticised for her lukewarm reaction to Mr Trump's victory - particularly in comparison to Angela Merkel's - did not mention the President-elect once during the course of her speech.

She said liberalization and globalization are forces for good, and "free markets and tree trade" are the best way to lift people out of poverty.

“Let’s be clear: those forces have had – and continue to have – an overwhelmingly positive impact on our world.

But — in a nod to the anti-establishment feeling that fueled Trump's victory and the Brexit vote — she added that governments must help people who have seen "their jobs being outsourced and wages undercut."

She added: “We can’t deny, as I know you recognise, that there have been downsides to globalisation in recent years, and that – in our zeal and enthusiasm to promote this agenda as the answer to all our ills – we have on occasion overlooked the impact on those closer to home who see these forces in a different light.

“These people – often those on modest to low incomes living in rich countries like our own – see their jobs being outsourced and wages undercut. They see their communities changing around them and don’t remember agreeing to that change.

“They see the emergence of a new global elite who sometimes seem to play by a different set of rules and whose lives are far removed from their everyday existence.

“And the tensions and differences between those who are gaining from globalisation and those who feel they are losing out have been exposed ever more starkly through the growth of social media.”

She drew together the EU referendum result and Donald Trump’s shock victory, saying: “We meet tonight in a world transformed. A year ago, few among us would have predicted the events ahead.

“Change is in the air. And when people demand change, it is the job of politicians to respond.”

She also accused some business leaders of resisting her drive to tame the excesses of capitalism.

The Prime Minister said some suspicious company bosses believe she has a “growing anti-business agenda”, after she criticised firms which fail their workers and targeted a rootless “global elite”.

What experts have said about Brexit Show all 11 1 /11 What experts have said about Brexit What experts have said about Brexit Chancellor of the Exchequer Philip Hammond The Chancellor claims London can still be a world financial hub despite Brexit “One of Britain’s great strengths is the ability to offer and aggregate all of the services the global financial services industry needs” “This has not changed as a result of the EU referendum and I will do everything I can to ensure the City of London retains its position as the world’s leading international financial centre.” Reuters What experts have said about Brexit Yanis Varoufakis Greece's former finance minister compared the UK relations with the EU bloc with a well-known song by the Eagles: “You can check out any time you like, as the Hotel California song says, but you can't really leave. The proof is Theresa May has not even dared to trigger Article 50. It's like Harrison Ford going into Indiana Jones' castle and the path behind him fragmenting. You can get in, but getting out is not at all clear” Getty Images What experts have said about Brexit Michael O’Leary Ryanair boss says UK will be ‘screwed’ by EU in Brexit trade deals: “I have no faith in the politicians in London going on about how ‘the world will want to trade with us’. The world will want to screw you – that's what happens in trade talks,” he said. “They have no interest in giving the UK a deal on trade” Getty What experts have said about Brexit Tim Martin JD Wetherspoon's chairman has said claims that the UK would see serious economic consequences from a Brexit vote were "lurid" and wrong: “We were told it would be Armageddon from the OECD, from the IMF, David Cameron, the chancellor and President Obama who were predicting locusts in the fields and tidal waves in the North Sea" PA What experts have said about Brexit Mark Carney Governor of Bank of England is 'serene' about Bank of England's Brexit stance: “I am absolutely serene about the … judgments made both by the MPC and the FPC” Reuters What experts have said about Brexit Christine Lagarde IMF chief urges quick Brexit to reduce economic uncertainty: “We want to see clarity sooner rather than later because we think that a lack of clarity feeds uncertainty, which itself undermines investment appetites and decision making” Getty Images What experts have said about Brexit Inga Beale Lloyd’s chief executive says Brexit is a major issue: "Clearly the UK's referendum on its EU membership is a major issue for us to deal with and we are now focusing our attention on having in place the plans that will ensure Lloyd's continues trading across Europe” EPA What experts have said about Brexit Colm Kelleher President of US bank Morgan Stanley says City of London ‘will suffer’ as result of the EU referendum: “I do believe, and I said prior to the referendum, that the City of London will suffer as result of Brexit. The issue is how much” What experts have said about Brexit Richard Branson Virgin founder believes we've lost a THIRD of our value because of Brexit and cancelled a deal worth 3,000 jobs: We're not any worse than anybody else, but I suspect we've lost a third of our value which is dreadful for people in the workplace.' He continued: "We were about to do a very big deal, we cancelled that deal, that would have involved 3,000 jobs, and that’s happening all over the country" Getty Images What experts have said about Brexit Barack Obama US President believes Britain was wrong to vote to leave the EU: "It is absolutely true that I believed pre-Brexit vote and continue to believe post-Brexit vote that the world benefited enormously from the United Kingdom's participation in the EU. We are fully supportive of a process that is as little disruptive as possible so that people around the world can continue to benefit from economic growth" Getty Images What experts have said about Brexit Kristin Forbes American economist and an external member of the Monetary Policy Committee of the Bank of England argues that the economy had been “less stormy than many expected” following the shock referendum result: “For now…the economy is experiencing some chop, but no tsunami. The adverse winds could quickly pick up – and merit a stronger policy response. But recently they have shifted to a more favourable direction” Getty

And she told British companies that she wants the country to be “seen not just to do business, but to do that business in the right way”.

However, the Prime Minister did not reveal any further policies, despite growing criticism that her has failed to explain what specific changes she plans in response to the Brexit vote.

Delivering her first speech to the Lord Mayor’s Banquet, Ms May argued that many business leaders “recognise” their responsibility to others in the workplace and society.

But she said: “Others have voiced their suspicion of what they see as a growing anti-business agenda.

“I don’t agree. It is because I believe so passionately in business that I say this.

“Asking business to work with Government to play its part is profoundly pro-business, because it is fundamental to retaining faith in capitalism and free markets.”

The comments reflect the tightrope the Prime Minister is attempting to walk in criticising some of the effects of globalisation, while standing for free markets and free trade.

Speaking at the Guildhall, she argued that “liberalism and globalisation continue to offer the best future for our world” – while promising to “deal with the downsides”.

Ms May said: “Let’s be clear: those forces have had – and continue to have – an overwhelmingly positive impact on our world.

“But we can’t deny, as I know you recognise, that there have been downsides to globalisation in recent years, and that – in our zeal and enthusiasm to promote this agenda as the answer to all our ills – we have on occasion overlooked the impact on those closer to home who see these forces in a different light.

“These people – often those on modest to low incomes living in rich countries like our own – see their jobs being outsourced and wages undercut. They see their communities changing around them and don’t remember agreeing to that change.

“They see the emergence of a new global elite who sometimes seem to play by a different set of rules and whose lives are far removed from their everyday existence.

“And the tensions and differences between those who are gaining from globalisation and those who feel they are losing out have been exposed ever more starkly through the growth of social media.”

She drew together the EU referendum result and Donald Trump’s shock victory, saying: “We meet tonight in a world transformed. A year ago, few among us would have predicted the events ahead.