https://morningstaronline.co.uk/article/editorial-mass-action-antidote-policy-consensus

“LABOUR and the Tories move closer on economy.”

Thus a headline in the Financial Times last week. The FT speaks not just to and for British finance capital, but to capitalists worldwide needing a steer on British and international politics.

Unlike the bought-and-paid-for Tory press, it usually does so without demagogy or partisan point-scoring. Its conclusions are therefore to be taken seriously.

It writes: “Despite being the official opposition, Labour has signally refused to oppose many of [Jeremy] Hunt’s recent economic policies…” including the cuts to National Insurance.

Further: “Hunt set out 110 measures to boost the economy in his 2023 autumn statement and Labour opposed none of them. The same applied to all of the policies announced in the chancellor’s spring budget this year.”

Shadow chancellor Rachel Reeves has also agreed with all Chancellor Hunt’s financial services reforms, has accepted his target of ensuring falling debt as a share of national income within five years, and adopted his corporation tax rate.

The Tories have repaid the compliment up to a point, stealing Labour proposals on taxing non-doms and the North Sea oil and gas industries.

But this convergence is mainly on Tory terms, with Labour dumping any proposal, like its green investment plans, which sit outside the consensus around a new austerity.

For that is what is on offer at the general election. It is a further squeeze on public services and wages to help improve the competitive position of British capitalism.

Reeves and the Labour Party pretend that their approach represents “change” because it offers “stability” after years of Tory chaos.

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https://morningstaronline.co.uk/article/editorial-mass-action-antidote-policy-consensus