d with the forces of partnership and co-operation to produce the wealth the nation needs and the opportunity for all to work and prosper". This was symptomatic of New Labour's rejection of socialism and adoption of core Thatcherite values on privatisation.
             Globalisation meant Keynesian interventionist strategy, which Labour had previously advocated in order to reflate the economy and reduce unemployment, no longer seemed viable. Therefore New Labour dropped the commitment to full employment and now too concerned themselves with maintaining a low and stable rate of inflation.
             In essence New Labour's strategy for dealing with unemployment and inflation was little different from Thatcher's. Blair claimed "there will be no return to the trade union laws of the 1970s", clearly showing how the traditional close Labour link to the trade unions had been abandoned in favour of a much more conservative approach towards labour market reform.
             On the issue of taxation, Gordon Brown made a clear and public commitment to remain within the Conservatives' spending plans for the first two years of a new Parliament and not to increase the basic rate of income tax, showing again an adoption by New Labour of a key element of Conservative policy.
             It seems that New Labour's economic policy is built around the consolidation of a
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