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Ed Balls: Why Blair’s ‘Third Way’ has failed

The shadow Chancellor has begun to carve out an ambitious new economic narrative for the Labour party

By Jay Elwes  

Balls’s history lesson was compelling, but there are significant omissions in his analysis.

Ed Balls, the Shadow Chancellor of the Exchequer, spoke at the London Business School on Monday. Entitled “Beyond the Third Way: A new inclusive prosperity for the 21st Century” he gave a speech of no little ambition that set out the challenges faced by both Britain and the global economy.

“This morning I do not intend to talk about the short-term challenges that economic policymakers face here in Britain—the new normal for interest rates, how to…

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