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...Does this lead to a more socialist New Party? Obviously he never properly gains a true idea of fascism after he did in OTL from Italy.

At first the New Party was a very disorganized party, which had loose policies and really focused on the 'Mosley Memorandum'. But after a time could Mosley have focused the party on some definite policies, such as Social Credit which Mosley supported originally. Now in OTL the New Parties main members were: Oswald Mosley, Lady Cynthia Mosley, Cecil Dudgeon, John Strachey, Allan Young, Robert Forgan and William Allen. So there were some previous high-level MPs and other supporters.

So how successful could the New Party be? Let's say it had policies similar to Social Credit and various others that were socialist.
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