The Labour Party had shown signs of being willing to reform in the 70s (Healey during the IMF talks, Callaghan with his speech saying thay you can't rely on wage and price tools alone to fight inflation and grow).
But when it came down to it, the political forces in the party were moving it away from its own membership in reform. Shop stewars radicalism was not dissipating at all, the nationalized industries and coal pits really were uneconomical and not much could be done to change that.
Now, if 1979 goes their way, what happens?
Do the unions take that as a sign of "we got lucky, best not push our luck again like that"?
Or do they see it as "We are the real power in this country and we have just proved it"?
And what exactly is their anti-inflationary policy going to look like? Wage restraint almost brought the country to the brink in its failure. Do they start attacking growth in the money supply? I am not so sure. That was controversial even for Thatcher as it did lead to a rise in unemployment, even if it reined in some inflation.
And I don't see them backing Tebbit style industrial relations reform, which is really what allowed the government to assert control over industrial action.
So I think the 80s see government policy dragged to the right, but not across anu red lines for the stakeholders in the Labour Party. The strikes will continue, inflation will recede a bit but not by as much as OTL, and Labour probably goes down in 1987 to a Tory Party less strident than Thatcher had been, leading to a put off of the real confrontation for the 90s.