The new left, economically has been conservative, this new stance for the 1990's has been a significant change. The left is still concerned with the workers, and has given them a minimum wage, and guaranteed their rights, but economically, has caught up with the world, and compromised between obstinate socialism of old labour, and modern capitalism. This catching up has involved the abandonment of flagship socialist policies, such as nationalisation, tax and spend, and maintaining a large welfare state. This 'Third Way' encompasses left wing ideology, and right wing economics. The western world has become middle class, and Labour has had to respond to this change.
Stagnation is death for political parties, and old labour was stagnant.
The new left is pragmatic, and shouldn't even be called left at all. This 'new centre' is a mixed bag of political ideas, a combination designed to bridge the gap between socialism and capitalism, something old labour was stubbornly against. The new left is unrecognisable from its previous form, and has emerged from the unelectable stubborn dark ages, to the pragmatic, compromising world of modern politics, hoping for widespread appeal beyond the ideological boundaries socialism.