Differences between the political parties in
terms of economic policy?
Prior to the reforms under Blair there
was a distinct difference between
Labour and the Conservatives.
Thatcher sought about restricting the power of trade unions with a number of
pieces of legislation collectively known as the trade-union laws. HOWEVER
Labour have had close ties with the Trade Unions - still to this day.
Prof. Roger Seiroff said Milliband's Trade
Union reforms would put union bosses in
an even more powerful position to
influence Labour policy.
They also stood in opposition in terms of
industry. The 1983 Labour manifesto was
particularly left-wing, making them appear
electable - it was dubbed 'the longest suicide
note in history'. Whilst Thatcher and Major
privatised a number of industry's including
Rolls Royce in 1986 and British Rail in 1993.
The introduction of the National
Minimum Wage Act of 1998 is a
noteworthy example of government
intervention in the economy under
Blair; whilst Thatcher was in favour
of a more laissez-faire,
individualistic approach.
HOWEVER it is worth
noting that Conservatives
did support the Act -
including future party
leader and Prime Minister
David Cameron.
The most notable change under Blair was his
amendment of Clause IV in 1995 - which was part of
the 1918 text of the Labour Party Constitution.
It accepted privatisation and was demonstrated by the
Bank of England being made independence in 1997.
Peter Mandelson, Labour MP, said
"We are all Thatcherites now"
As demonstrated by the 2015 General
Elections both Labour and Conservative
were determined to end the deficit.
The Tories wished to
eliminate it completely
whilst Labour wanted
to balance the books
by cutting the deficit
every year.
HOWEVER the manifestos did also highlight
differences - Labour in favour of introducing mansion
tax on houses worth over £2 million whilst the
Conservatives think it is "not sensible for a country to
that wants... to reward saving and people who work
hard and do the right thing".
In the 2015 general election, the 'niche' parties came to
the fore front; with the left-wing SNP proving
particularly successful winning 56 out of 59 seats.
SNP took a very Keynesian approach, promising a spending increase of 0.5% a
year. It also had left-wing undertones - it wished to increase minimum wage to
£8.70 by 2020 and pushed for the removal of Trident submarines.