We are slightly tired of British elections, aren’t we?
The UK just went through its third election in a short space of five years.
Electoral fatigue? Definitely.
Necessary? Absolutely.
“Dither and delay”. My new favourite phrase.
This being from Parliament on the topic of Brexit. And the leadership struggle within the Conservative party.
Despite the three elections, Conservatives beat Labour and now have a chance to “GET BREXIT DONE”.
Labour is currently going through a peculiar transition stage. As of January 2020, debates have focused on whether they should adopt a more centrist approach, on all topics. The identity crisis that the Left has, has not helped them for the past few years.
I will be discussing the economic interests of both parties and state whether they can last long term.

Boris speaking to an audience during election campaign in Uttoxeter
Source: https://www.vox.com/world/2019/12/12/20999535/boris-johnson-uk-election-results-brexit
Boris gets his mandate
Mr. Johnson is in No.10. It’s definitely safe to say he’s in a good position to get objectives achieved on his agenda.
Traditionally, the Conservatives are the party for lower taxes, private ownership, and increased defence spending.
The reason that this election took place was due to Brexit, yes. They needed a mandate after the in-out referendum.
However, is one of the reasons the performance of the British economy?
Since 2010, the Conservatives have managed to have steady economic growth. One factor for the Conservatives remaining in government for so long is because of Labour’s past performance during the Blair government. Blair inherited some Thatcherite ideas pertaining to the economy. He called it the “Third Way”, in which there was favour for privatisation, free market policies and increased defence spending.
While Brexit has been the topic of discussion, could it be argued that Jeremy Corbyn’s policies are a bit outdated for this current generation?
According to Nabarro and Schulz from the Institute of Fiscal Studies (IFS), they state that if there was no deal Brexit, there would be fiscal loosening of 2%. However, there will be growth, albeit slow, over the next 3 years.[1]
The graph below shows that there is potential for economic growth in post-Brexit Britain.[2]

Corbyn and Old Labour – An inseparable bond
Jeremy Corbyn’s policies are very popular in the UK. This is notable among high school and university students as well as working class people.
Corbyn is synonymous with Old Labour. The two go hand in hand.
Unfortunately, the policies made by his party were seen to be “unreasonable” and “unrealistic”.
According to the Labour Party manifesto, there was a desire to raise the income tax on those earning more than £80,000. [3] While the proposal could be seen as a desire for a fair distribution of wealth, the super-rich did not see this as an appealing reason to vote for Labour. For example, John Caudwell, the founder for Phones4U, stated that he would potentially leave the UK if there was to be a Labour government. [4]
Labour’s stance on the economy is completely understandable. The Tories who have been in power since 2010 have introduced austerity measures which have not been popular among many people across both political parties. The measures have allowed a higher growth in wages over the past few years. [5] The graph below from the Office of National Statistics shows the steady increase of wages since 2014, against fluctuating inflation.[6] Perhaps, people who have seen their wages increase were not in favour of a political party that wanted to tax income.
The narrative that “you work hard, and you get your reward” will have been used by the Conservatives as a justification for their policy implementation.

Despite wage growth, the austerity measures have not been met with positive reception and have been met with fierce scorn from many Britons. According to Resolution Foundation, a think-tank, government spending fell from £334 billion to £302 billion from 2011-2018, which is a 10% fall. [7]
People who voted for the Tories have not hidden their displeasure. The poll below conducted two years ago, shows dissatisfaction with austerity measures and why Labour have run on the platform of nationalisation of public services and a higher income tax.[8]

Where next for Labour
Heffernan describes the similarities between Thatcherism and New Labour policies. He describes the economic success from Mrs Thatcher’s premiership, which Tony Blair and his chancellor Gordon Brown attempted to do, namely market driven economic growth to help with public service investment. [9]
Labour were in debt due to heavy defence spending, particularly from the War in Afghanistan and more significantly the War in Iraq. This approach has tainted Blair’s legacy. There’s no doubting that. However, should people in the Labour party be slightly more open-minded in shifting their views slightly more to the centre? Unfortunately, the mention of “Blairism” or “Blairite” is one met with disdain; however, it should be noted that Labour enjoyed their best spell in government since the 1970s.
There is an appetite for socialism in the UK. Labour must play their cards right and elect a leader that appeals to not just those in higher education, but the middle class too.
[1] Nabarro, Benjamin, and Christian Schulz. 2019. “UK Economic Outlook in Four Brexit Scenarios.” IFS. The IFS. October 8, 2019. https://www.ifs.org.uk/publications/14421.
[2] Nabarro, Benjamin, and Christian Schulz. 2019. “UK Economic Outlook in Four Brexit Scenarios.” IFS. The IFS. October 8, 2019. https://www.ifs.org.uk/publications/14421.
[3] “Rebuild Our Public Services.” n.d. The Labour Party. Accessed January 28, 2020. https://labour.org.uk/manifesto/rebuild-our-public-services/.
[4] Neate, Rupert. 2019. “Super-Rich Prepare to Leave UK ‘within Minutes’ If Labour Wins Election.” The Guardian. Guardian News and Media. November 2, 2019. https://www.theguardian.com/news/2019/nov/02/super-rich-leave-uk-labour-election-win-jeremy-corbyn-wealth-taxes.
[5] “UK Wage Growth Picks up to 11-Year High.” 2019. BBC News. BBC. August 13, 2019. https://www.bbc.co.uk/news/business-49328855.
[6] “UK Wage Growth Picks up to 11-Year High.” 2019. BBC News. BBC. August 13, 2019. https://www.bbc.co.uk/news/business-49328855.
[7] Inman, Phillip. 2019. “Has the Age of Austerity Really Come to an End?” The Guardian. Guardian News and Media. September 5, 2019. https://www.theguardian.com/business/2019/sep/05/has-the-age-of-austerity-really-come-to-an-end-sajid-javid.
[8] Singh, Matt. 2018. “Poll Shows Even Tory Voters Feel Austerity Has Gone Too Far.” Subscribe to Read | Financial Times. Financial Times. May 2, 2018. https://www.ft.com/content/c8d95118-4a42-11e8-8c77-ff51caedcde6.
[9] Heffernan, Richard. “Labour’s new labour legacy: Politics after Blair and Brown.” Political Studies Review 9, no. 2 (2011): 163-177.
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