We knew the press barons (and they are literally barons, in some cases - as we shall see) didn't like the proposed arrangements for organising press regulation agreed last month between the three main political parties. This arrangement was in the form of a Royal Charter (an arcane form of legislation introduced not by the elected representatives of the people, but by the monarch's Privy Council) which set up a 'Recognition Body' which was to certify a new press regulator as conforming to the requirements based on the recommendations in last year's Leveson Report. These requirements were in particular that the regulator itself should be truly independent of both the press and political influence, that it should have strong powers to enforce sanctions - both financial and in terms of apologies and corrections, that the regulator should set up a low-cost arbitration arrangement to deal with complaints and that complainants need not necessarily be individuals or organisations directly affected.
Equality Economics
How to ensure everyone can fully participate in the economy and get their fair share of what it produces.
Friday, 26 April 2013
Thatcher and Labour: The Real Lesson
As Kawan Patel suggested on LabourList a few days ago, New
Labour was founded on the idea that while Margaret Thatcher might not have
‘saved the nation’ as her Conservative supporters claim, there were things she
‘got right’. I believe that this focus on the specifics of the Thatcherite
legacy, such as privatisation and reductions in union power, is wrong. It is
what was entirely responsible for New Labour’s failure to reverse inequality
and for allowing a massive financial bubble to replace a sustainable industrial
infrastructure in Britain. We must learn this lesson.
For a start, the image of 1970s Labour government in hapless
thrall to left-wing union leaders leading their unwilling rank-and-file members
to destroy the British economy is almost entirely a creation of the press and
Conservative myth-makers. The root cause of the industrial unrest of the 1970s
that culminated in the ‘Winter of Discontent’ of 1978-79 was consistent annual
inflation in double digits. This was mainly as a consequence of massive hikes
in the price of oil. Firms showed no restraint in allowing their prices to rise
to maintain their profits; for workers to maintain their standards of living
required credible threats to withdraw labour. In doing this they were, on
average, successful – but no more than that. In relation to labour
productivity, hourly wages were at exactly the same point in 1979 as they had
been in 1972 (See Figure 1).
Location:
Edinburgh, City of Edinburgh, UK
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