Despite New Labor increasing economic security through a new minimum wage, Mr Blair and his chancellor Gordon Brown have failed to properly tackle weak productivity and regional inequality, Ms Reeves said, adding: „The problems persist. Large parts of the country and Westminster politics”.
Flaws in economic planning were exposed starkly by the credit crisis, he said: „The 'great moderation' cannot last, and these weaknesses were exposed as the global financial crisis unfolded.”
His comments came after he drew criticism from the Labor left, comparing the challenges awaiting the next government to those faced by Margaret Thatcher.
The shadow chancellor argued that Britain was facing a „1979 moment” – a reference to the year Thatcher took office – but left-wing activists within her party demanded a „real break with Thatcherism”.
He pledged to make economic growth „harder” in future financial events by giving the Treasury's enterprise and growth division a greater role in policy-making, while making clear he and Sir Keir Starmer had abandoned Jeremy Corbyn's economic outlook.
Martin Abrams, a spokesman for the left-wing campaign group Momentum, said: “Once again the Labor leadership has demonstrated its disconnect with the labor movement and Labor values.
„Thatcher's government did not bring about 'national renewal' but instead brought misery and entrenched inequality to millions of working-class people.
„As we see today the exhaustion of a Tory ideology based on privatization and financialisation, Labor must deliver a real break with Thatcherism, with a popular plan based on public ownership, state investment and wealth taxes.”
„Oddany rozwiązywacz problemów. Przyjazny hipsterom praktykant bekonu. Miłośnik kawy. Nieuleczalny introwertyk. Student.