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In the absence both of alternative sources of power and of any independent-minded critique, the City of London has become the central bastion of an elite whose attitudes are more like that of an off-shore centre.
It does depend on how you define "the New Labour leadership" though.
For example, Brown, for all his myriad faults is hard to see as an off-shore type, isn't he?
What exactly did happen before 1997? Everyone talks about a deal between Blair and Brown, but what was the context (within the party, and without) and what was the deal? A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
