WI: Benn's Alternative Economic Strategy becomes policy

Cross-posting from the other place...

This is very much a shot in the dark here, but I'm hoping to get some ideas from learned colleagues and friends on the subject. Suppose that Heath manages to win the Feb. '74 general election with a reduced majority as most of the polling at the time indicated. Still undergoing a major problem within the party itself, Heath either resigns or, more likely, is deposed and replaced with someone else who pursues a government policy closer to the early years of the Heath ministry and is willing to hold their nerve regarding rising unemployment *cut to a handbag being placed on the desk of No. 10 Downing St.*

Labour, meanwhile, lurches to the left after Wilson's second defeat and we have an earlier SDP-style defection form moderates and social democratic right-wingers. As the economy continues to be in crisis and the trade unions are still using their power to cause no end of problems for the Tory government, Labour adopts an equally radical proposal - essentially, Tony Benn's Alternative Economic Strategy.

My question is what would be the reaction, both domestically and internationally, to this proposal in addition to its potential implementation should Labour manage to win in the next general election?
 
The current hard/soft/whatever Brexit quagmire gives you a hint as to what "leaving the Common Market" might have implied, although inter-connectedness was not quite as great in the 1970s as it is today. There'd be quite some severe repercussions regarding some economic sectors and overall inflation, Pound devaluation etc., although OTL wasn't a walk in the park, either. To judge the big picture, one has to answer whether the Labour Left had any working idea where to take the country's economy while "hiding behind a wall". If there were viable and perspicacious goals for a modernisation-oriented industrial policy, it might have been worth the troubles, and Britain could have returned to the Common Market strengthened later, which was what Benn promised. If, on the other hand, the gist was primarily to protect the economy against industrial transformations and there is no serious alternative path into a post-industrial economy which OTL's focus on the financial sector would later sort of be, then the result is merely disruptions for no gains whatsoever, with Thatcher throwing the wheel around in 79 like IOTL, only this time it'd be even harder, and centre and right would see her policies as even more justified than they already did / do(?) IOTL.
 
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