Britain’s Labour Party embraces supply-side social democracy

At its gathering in Manchester this month, the Conservative Party put on a repertory-theatre production of Margaret Thatcher’s most popular works. Liz Truss called for corporation-tax cuts. James Cleverly, the foreign secretary, announced he would visit the Falkland Islands.This week a more subtle and intriguing tribute act to Thatcher was on show at the Labour Party’s conference in Liverpool. It was not just that Rachel Reeves, the shadow chancellor who hankers to be Britain’s first female finance minister, conceded a debt to its first woman prime minister. It was because Labour promises a supply-side revolution to ignite an ailing economy. Red tape will be cut; utilities shaken up; growth made the first priority.