New Labour would give Britain a new economic constitution, a new political constitution, a new educational system. New Labour was pro-Business. But it would harness private finance in a new 'partnership' with government to build an 'inclusive' society and a strong economy to compete in the global marketplace. It wasn't just rhetoric. In monetary policy, the Chancellor Gordon Brown has given operational independence to the Bank of England to set interest rates, though the inflation target is decided by the government.
Borrowing is for investment only.
This framework is designed to make macroeconomic policy 'politician proof'. Constitutional reform includes devolved governments for Scotland and Wales, reform of the House of Lords, executive mayors for large cities, possibly proportional representation. So there is some content. But also much rhetoric. Blair is the world's leading rhetorician and the Third Way is today's main rhetorical slogan.