If Labour do make it into government, what will that look like? For the only the second time in the party’s postwar history, it won’t be able to usher in a period of increased public spending, like it did in the 1940s, 1960s and 1990s.
As in the 1970s, money will be scarce. The party’s brief will be to deliver what Chuka Umunna describes as “social democracy in a cold climate”.
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