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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.
- 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.
- 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.
- 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.
- 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"
- It accepted privatisation and was demonstrated by the
Bank of England being made independence in 1997.
- 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".
- The Tories wished to
eliminate it completely
whilst Labour wanted
to balance the books
by cutting the deficit
every year.
- 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.
- 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.
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