Although it is often suggested that the reformers had no place for tradition in their theological deliberations, this judgment is clearly incorrect. While the notion of tradition as an extra-scriptural source of revelation is excluded, the classic concept of tradition as a particular way of reading and interpreting scripture is retained. Scripture, tradition and the kerygma are regarded as essentially coinherent, and as being transmitted, propagated and safeguarded by the community of faith. There is thus a strongly communal dimension to the magisterial reformers' understanding of the interpretation of scripture, which is to be interpreted and proclaimed within an ecclesiological matrix. It must be stressed that the suggestion that the Reformation represented the triumph of individualism and the total rejection of tradition is a deliberate fiction propagated by the image-makers of the Enlightenment.
McGrath makes a number of interesting remarks surrounding this passage, including contrasting the position of the Reformers with the radical elements of the Reformation. The above quotation and the surrounding remarks (as well as citation information) can be viewed here.
Consider in particular the nuanced approach McGrath takes to analyzing the issue of the "authority of the past" beginning on page 103. Compare this with the trite methodology many lay-Catholic apologists bring to their critiques of the Reformation.