When Tony Blair became Labour leader in 1994, he recognised that the party needed to continue the move away from traditioning working-class and trade union support
In 1994, Blair announced that Clause IV of the party constitution, which called for the 'common ownership of the means of production and exchange' would be replaced with a less committal statement; the Party formally embraced free-market policies
In 1994, he rebranded the Party 'New Labour' to make clear to British voters the different direction it had taken since the mid 1980s
The extent to which New Labour, and its key leaders (such as Tony Blair and Gordon Brown, were the real inheritors of Thatcherism has been disputed by political commentators
The commitment of New Labour to Thatcher's ideas:
complete rejection of any commitment to nationalisation
aim to continue T's policy of law direct taxation
big business would be embraced and free markets allowed to flourish
no reversal of anti-trade union laws
issues of class politics no longer focus
Despite Thatcherite objectives, New Labour attempted to promote 'inclusiveness'
emphasis on commitment to social justice
aimed to promote equal distribution of opportunities for everyone
committed to a minimum wage (introduced 1998)
massive investment in order to create equal opportunities