Could be interesting but This is England and TIE '86 was always meant to be relevent to the younger generation of today, whilst also speaking to those the same age of the characters in the 80's. This is a point that Shane Meadows has always wanted to preserve, and seen in the reaction to the film recieving an 18 certificate.
The social plot points you noted e.g. Tony Blair, the Iraq war, social networking can still ironically be found in both the film and the series, simply through the fact that it shows a day and age both contrastful and alike to the one we live in today. The main protagonist Shaun is seen to grow up without a father after he is killed in the Falkands war, a situation many young people are familiar with today (Afghanistan, 9/11, Iraq). The effects of the leadership of the Conservatives in the 80's by Thatcher are portrayed, something many young people can relate to due to the recent ongoing recession, rise in unemployment and ongoing social revolution/protests/riots organized through, as you said- social networking.
So if you think about it, a TIE '03 isn't really needed. Thanks to the masterful Meadows! ;)
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