In November 1967 the devaluation of the pound underlined the fact that the undergoing crisis of British capitalism had not been solved. The crisis highlighted the beginning of a polarisation between the left and right wing within the Labour Party. Recognising that this was the result of conflicting class pressures on the LP leadership, Ted Grant debunked the arguments of the “lefts” and outlined the strategy of the Marxist wing within the labour movement in an epoch of sharp class conflict that was impending, a strategy that was later to crystallise in the growth of the Militant Tendency in the 1970s.
[Ted Grant] Britain’s crisis and Labour’s left
