As Michael Burke concludes:
"New Labour did not spend too much. It taxed and spent too little, less than Thatcher.
"Worse, the cuts in taxes for the business sector and the owners of assets did not lead to increased investment. Investment fell and was itself exacerbated by the decline in public sector investment.
"Defence of these simple facts has been made an acid test. They are actually the vestiges of social democratic economic policy at the level of the Labour leadership.
If it is accepted that Labour ‘spent too much’, big business interests will have rewritten history in its own interests and fundamentally undermined the character of the Labour Party."
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