The Rest Is Politics: Leading 172. Neil Kinnock: Trump, Thatcher, and Why Labour Lost In 1992 (Part 2)
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Jan 26, 2026 
Neil Kinnock, former Labour leader and long-serving MP, reflects on Thatcherism, media power and why Labour lost in 1992. He discusses Thatcher’s revolutionary impact, Murdoch’s influence, campaign strategy missteps and the rise of John Major. He also considers how Labour can rebuild trust and handle populist disruptions like Trump.
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Thatcherism's Lasting Economic Harm
- Neil Kinnock argues Margaret Thatcher combined sincere conviction with monetarist economics that caused long-term damage to Britain.
- He links rapid monetarism to job losses, regional decline, and a lasting social and economic residue.
Use Investment And Re-Regulation
- Rebuild public services with targeted public investment and re-regulation rather than blanket privatization.
- Use share purchases and re-regulation to bring utilities like water back under stronger public oversight.
Timing Cost The 1992 Campaign
- Kinnock says campaign timing and disclosure strategy mattered: he wanted months to explain fiscal plans but the shadow budget compressed that window.
- He views the shadow budget's timing as a key factor that weakened Labour's ability to rebut Tory attacks.