The end of the affair
New Labour formed a new kind of relationship with business. Why is it turning sour?
THE affair has conformed to all the rules of soap opera. First, an attraction of opposites: Tony Blair ditches socialism and the Labour Party, still in opposition, sets out to seduce the City. Then a burst of torrid passion: within days the new government frees the Bank of England to set interest rates. Ardour later cools with a spate of government employment legislation, and a soaring, export-punishing pound. Last March, a bust-up: businesspeople denounce a budget they deem unfriendly. Can the lovers make up, or is it over for good?
This article appeared in the Britain section of the print edition under the headline “The end of the affair”
From the August 19th 2000 edition
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