BOTH Jeremy Corbyn, Labour’s leader, and Michael Gove, a Conservative cabinet minister, say that British capitalism is “rigged” in favour of elites. Philip Hammond, the chancellor, and his opposite number, John McDonnell, both want higher taxes to provide services to a greying, weakening population. The publication of a new report from the Institute for Public Policy Research (IPPR), a think-tank, on September 5th exemplified the new political consensus that is taking shape, one which borrows ideas from left and right.

The “commissioners” behind the publication come from across the political spectrum, from Justin Welby, the Archbishop of Canterbury, to Dame Helena Morrissey, a Brexit-backing financier. Their report claims that the economy is “broken”. Real wages have stopped rising. Wealth and income inequality are high.

To fix these problems, IPPR sets out a slew of proposals. Taxing wealth more heavily, including by replacing inheritance tax with a lifetime gift allowance, could tackle inequality and provide much-needed extra tax revenue. It suggests setting a minimum tax rate on multinational firms that consistently book low profits in Britain. The report also looks at measures to make markets more competitive, a debate which is becoming mainstream.

It has some blind spots. Take a proposal to jack up the minimum wage by 12% (and by 30% in London). That would risk raising unemployment. There is little talk of tax credits, wage top-ups for low-paid workers, the expansion of which was a successful policy of Labour governments in the 2000s. These days, both parties promise an ever-higher minimum wage, but rarely is there talk of improving benefits.

Chunks of the IPPR report are likely to find their way into Labour’s manifesto come the next election. Mr McDonnell said it was “today’s equivalent of the historic Beveridge report”, which laid the blueprint for the welfare state. With the report also recommending the expansion of co-operatives and the creation of a national investment bank, IPPR is trying to position itself as the intellectual engine of Corbynomics.

The more interesting question is how much of the report will make it into the Conservatives’ plans. The Daily Mail, lodestar of middle-England conservatism, said that there was “much to welcome” in it. Would the Tories run against both the Mail and the Archbishop of Canterbury?