All kudos to Wrapped-in-the-flag.com.
Malcolm, back around 1962 or so, signed up for the Irish Labour Party/Dream an Lucht Oibre, The Party Constitution went far beyond Sidney Webb's Clause IV. Clause 11 or 12 (the precise number now eludes Malcolm's recollection) called for the nationalisation of banking and insurance.
Malcolm thought then that such was a:
Vaulting ambition, which o'erleaps itself.
- He never expected to live to see it.
- Least of all that it would come about through New Labour.
- And with all Party consent.
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