While Lady Thatcher was more in tune with the tax-cutting, small-government traditions of Gladstonian liberalism, Mr Blair draws upon the more interventionist traditions and social reforms of the great reforming Liberal governments of 1906-14.

ECONOMIST: The Labour Party

"I am hoping surcharging becomes commonplace, but small firms will not lead the charge, " says Mike Schumann, owner of Traditions Classic Home Furnishings in Minneapolis, which was a plaintiff in the case.

WSJ: Visa, Mastercard Agree to $6 Billion Settlement Over Surcharges