In finance , mainly for financial services firms, economic capital (ecap) is the amount of risk capital , assessed on a realistic basis, which a firm requires to cover the risks that it is running or collecting as a going concern , such as market risk , credit risk , legal risk , and operational risk . It is the amount of money that is needed to secure survival in a worst-case scenario. Firms and financial services regulators should then aim to hold risk capital of an amount equal at least to economic capital.
82-867: In British politics , the Labour left is the more left-wing faction of the Labour Party . Alongside the Labour right, it is one of the two main wings of the Labour Party. It is also one of its four main factions alongside the soft left , the old Labour right, and the New Labour right. In the British parliament , it is represented by the Socialist Campaign Group of Labour members of Parliament (MPs). A Labour left has existed within
164-561: A Government Minister who is often a Secretary of State and member of the Cabinet . The minister may also be supported by a number of junior ministers. In practice, several government departments and ministers have responsibilities that cover England alone, with devolved bodies having responsibility for Scotland, Wales and Northern Ireland, (for example – the Department of Health ), or responsibilities that mainly focus on England (such as
246-554: A doctrine of the Labour left and the ILP during the interwar period. The Labour leadership was hostile to the ILP's proposals as it was worried that the ILP wanted to implement them in a similar way advocated by Marxists . MacDonald publicly condemned the political beliefs surrounding the proposals, comparing them to "milestones around the parliamentary party's neck". Meanwhile, the ILP insisted on Socialism in Our Time' s implementation by
328-569: A form of gradualism , an ideology which it opposed within the Labour Party. The Labour left also wanted a socialist foreign policy characterised by pacifism and internationalism . There were some members of the Labour left who opposed the formation of MacDonald's 1924 Labour government on the grounds that it would be too moderate because of its parliamentary minority and dependence on the Liberal Party for support. This parliamentary position would have made radical moves near impossible. In
410-571: A gradualist approach would never achieve its goal, and that gradualism did little to help the workers who needed relief from their suffering and an improved society immediately. Lansbury's Labour Weekly supported the general strike, which in the end was defeated after the Trades Union Congress (TUC) called it off, and Lansbury tried to use the paper to instruct the TUC on preparations for the coming struggle before it occurred; however, when
492-492: A left-winger shortly after. Leading figures in the ILP, such as John Wheatley and Fred Jowett , were not included. The new cabinet was generally to the right of the cabinet in the 1924 Labour government, reflecting a rightward shift within MacDonald's Labour Party since that government left office. Lansbury was appointed as the first commissioner of works, an insignificant role with little economic resources available, where it
574-541: A proposal for a new living wage . This proposal evolved into a programme known as Socialism in Our Time , published in 1927, which called for the redistribution of income to reduce unemployment and poverty by creating a demand for housing , the creation of a statutory minimum wage , the nationalisation of banks, transport, utilities and inefficient industries, and the introduction of family allowances and workers' control . These policies were based on Hobson's theories of imperialism and underconsumptionism , which became
656-539: A result of its parliamentary position. During the MacDonald government, the Labour leadership's goal was not to end capitalism but to improve its conditions through social reform and wealth redistribution . Thus, Labour was committed to a moderate and competent style of governance, which allowed it to replace the Liberal Party as the main opposition party outside government. Most of the Labour membership supported this gradualist approach; there were socialists within
738-465: A separate political party by the speaker of the House of Commons . Lansbury invited Maxton, one of the five ILP MPs, to his opposition frontbench ; this attempt at preserving unity between Labour and the ILP proved unsuccessful. Lansbury had been a leading figure in the ILP before 1914 and was typically aligned with Maxton in criticising the Labour leadership of MacDonald during the 1920s. Ultimately, there
820-407: A whole in 1932. From the beginning of his leadership, Lansbury was challenged by losses and defections from the party caused by the tumultuous relationship between Labour and the ILP. Labour had already suffered the loss of MacDonald's supporters and the supporters of Oswald Mosley , a former Labour MP who had broken away from Labour in 1931 to form the fascist New Party , which attracted figures from
902-532: A working majority in Parliament. A Conservative–Liberal Democrat coalition government held office from 2010 until 2015, the first coalition since 1945. The coalition ended following parliamentary elections on 7 May 2015 , in which the Conservative Party won an outright majority of seats, 330 of the 650 seats in the House of Commons, while their coalition partners lost all but eight seats. With
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#1732781029773984-536: Is a constitutional monarchy which, by legislation and convention , operates as a unitary parliamentary democracy . A hereditary monarch , currently King Charles III , serves as head of state while the Prime Minister of the United Kingdom , currently Sir Keir Starmer since 2024 , serves as the elected head of government . Under the United Kingdom's parliamentary system, executive power
1066-436: Is calculated by determining the amount of capital that the firm needs to ensure that its realistic balance sheet stays solvent over a certain time period with a pre-specified probability. Therefore, economic capital is often calculated as value at risk . The balance sheet, in this case, would be prepared showing market value (rather than book value) of assets and liabilities. The first accounts of economic capital date back to
1148-508: Is distinguished in relation to other types of capital which may not necessarily reflect a monetary or exchange-value . These forms of capital include natural capital , cultural capital and social capital ; the latter two represent a type of power or status that an individual can attain in a capitalist society via formal education or through social ties. Non-economic forms of capital have been variously discussed most famously by sociologist Pierre Bourdieu . This finance-related article
1230-513: Is drawn from and is answerable to Parliament – a successful vote of no confidence will force the government either to resign or to seek a parliamentary dissolution and a general election . In practice, members of parliament of all major parties are strictly controlled by whips who try to ensure they vote according to party policy. If the government has a large majority, then they are very unlikely to lose enough votes to be unable to pass legislation. The Prime Minister, currently Sir Keir Starmer,
1312-637: Is exercised by His Majesty's Government , whose leadership are formally appointed by the King to act in his name. However, the King may only appoint individuals that are members of and have the confidence of the Parliament of the United Kingdom . The Parliament has two houses: the House of Commons and the House of Lords . The Parliament is the UK's supreme legislative body ; however some powers have been devolved to
1394-518: Is the most senior minister in the Cabinet. Their tenure begins when they are appointed by the monarch. The Prime Minister is responsible for chairing Cabinet meetings, selecting Cabinet ministers (and all other positions in His Majesty's government), and formulating government policy. The Prime Minister being the de facto leader of the UK, exercises executive functions that are nominally vested in
1476-510: Is the supreme legislative body in the United Kingdom (i.e., there is parliamentary sovereignty ), and government is drawn from and answerable to it. Parliament is bicameral , consisting of the House of Commons and the House of Lords . There are also devolved Scottish and Welsh parliaments and a devolved assembly in Northern Ireland, with varying degrees of legislative authority. Economic capital Typically, economic capital
1558-405: Is typically placed on the centre-left of the political spectrum. It has been characterised as a broad church with a wide range of competing political factions , parliamentary groups , and ideologies. The party has been ideologically divided across its history, leading to the formation of two main rivalling left and right factions within the party. The Labour left is the more left-wing faction of
1640-547: The 1924 United Kingdom general election that followed the government's fall, the Labour Party was defeated by the Conservative Party in a landslide victory. Ultimately, the Labour left and the left-wingers in the ILP considered the 1924 Labour government a failure. In the months that followed the collapse of the MacDonald government collapse, Labour shifted to the left. By the spring of 1925, amid internal discontent with MacDonald's Labour leadership, some members of
1722-418: The 2011 Scottish Parliament elections which formed the current Scottish Government administration. In a 2014 referendum on independence 44.7% of voters voted for independence versus 55.3% against. In Northern Ireland, Irish nationalist parties such as Sinn Féin advocate Irish reunification . In Wales, Welsh nationalist parties such as Plaid Cymru support Welsh independence . The constitution of
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#17327810297731804-588: The Department for Education ). Implementation of the Minister's decisions is carried out by a permanent politically neutral organisation known as the Civil Service . Its constitutional role is to support the Government of the day regardless of which political party is in power. Unlike some other democracies, senior civil servants remain in post upon a change of Government. Administrative management of
1886-497: The Independent Labour Party (ILP) who called for militancy instead. The ILP was an affiliated socialist society of the Labour Party that served as its members' section until the adoption of the 1918 Labour constitution, which resulted in the creation of a system of constituency Labour parties (CLPs) with individual Labour membership. Ideologically socialist, it was the main forum for left-wing politics within
1968-867: The Lord Advocate and Solicitor General are the Members of the Scottish Government and attend meetings of the Scottish cabinet , as set out in the Scotland Act 1998 . They are collectively known as "the Scottish Ministers". The Welsh Government and Senedd have more limited powers than those devolved to Scotland, although following the passing of the Government of Wales Act 2006 and the 2011 Welsh devolution referendum ,
2050-515: The Order Paper and campaigning for support in the Labour Party using the ILP's large individual membership. Although on the left, Lansbury was still a pragmatist. At the 1928 Labour Party conference, Lansbury backed the leadership's plans for Labour and the Nation, calling for party unity in his role as Chairman of the Labour Party . Between 1925 and 1927, Lansbury's Labour Weekly also formed
2132-681: The Scottish Government , the Welsh Government and the Northern Ireland Executive . The monarch appoints a Prime Minister as the head of His Majesty's Government in the United Kingdom , guided by the strict convention that the Prime Minister should be the member of the House of Commons most likely to be able to form a Government with the support of that House. In practice, this means that
2214-522: The energy network , the environment, the Scottish Fire and Rescue Service , some aspects of equality legislation, housing, planning, sport , culture , tourism , the Crown Estate , onshore oil and gas licensing , some aspects of taxation including Scottish council tax and transport . In the 2024–25 financial year, its annual budget was almost £60 billion. The government is led by
2296-536: The first minister , assisted by the deputy first minister alongside various Ministers with individual portfolios and remits. The Scottish Parliament nominates a Member to be appointed as First Minister by the King . The first minister then appoints their Ministers (known as Cabinet Secretaries) and junior Ministers, subject to approval by the Parliament. The first minister, the Ministers (but not junior ministers ),
2378-474: The means of production , distribution and exchange ", which was interpreted as a commitment to socialism, even though socialism is not explicitly mentioned. Nonetheless, ideological divisions formed over the meaning of socialism and the purpose of the Labour Party. One group in the party believed that Labour's purpose was to make the British economy more efficient while another group believed that its purpose
2460-476: The parliaments of Scotland , Wales and Northern Ireland . The British political system is a multiple-party system and was according to the V-Dem Democracy Indices 2023 the 22nd most electorally democratic in the world. Since the 1920s, the two dominant parties have been the Conservative Party and the Labour Party . Before the Labour Party rose in British politics, the Liberal Party
2542-618: The partition of Ireland , Northern Ireland received home rule in 1920, though civil unrest meant direct rule was restored in 1972. Support for nationalist parties in Scotland and Wales led to proposals for devolution in the 1970s, though only in the 1990s did devolution happen. Today, Scotland , Wales and Northern Ireland each possess a parliament and government, with devolution in Northern Ireland being conditional on participation in certain all-Ireland institutions . The British government remains responsible for non-devolved matters and, in
Labour left - Misplaced Pages Continue
2624-470: The 1924 Labour government and anger towards the policies of the second Baldwin government which followed, led to the outbreak of the 1926 general strike . The Labour leadership did not support the strike, fearing that the revolutionary elements within the union movement would damage Labour's reputation as a party of government and all the work it had done to prove itself fit to govern through gradualist politics. The Labour left responded to this by arguing that
2706-470: The British government away from the sovereign. Theoretically, the Prime Minister is primus inter pares (i.e., Latin for "first among equals") among their Cabinet colleagues. While the Prime Minister is the senior Cabinet Minister, they are theoretically bound to make executive decisions in a collective fashion with the other Cabinet ministers. The Cabinet, along with the PM, consists of Secretaries of State from
2788-410: The ILP, with 37 of them sponsored by the ILP itself. By 1931, the ILP had a membership of 16,700. This put the ILP into a position that would theoretically allow it to become a strong group for the Labour left within the Labour Party for years to come; however, this would ultimately fail to materialise. The formation of the second Labour government , again under MacDonald, was opposed by some members of
2870-400: The ILP. The ILP's response to the first Labour government was to devise its own programme for government. It authorised six policy commissions in 1925 to "develop a programme for the abolition of poverty within the broader context of an advance towards socialism". These commissions were chaired by J. A. Hobson . By 1926, the ILP had started to develop its own political platform, beginning with
2952-481: The Labour Party and decried as "a traitor" after years of idolisation. When the National Government won a landslide in the 1931 United Kingdom general election , which returned a rump of 52 Labour MPs, Lansbury became the only leading Labour Party politician to retain his seat. Lansbury became leader of the parliamentary Labour Party (PLP) before succeeding Arthur Henderson as the leader of the party as
3034-553: The Labour Party had started to form left-wing groups in their CLPs, taking inspiration from the Birmingham Left-Wing Labour Group formed in November 1924 by Joseph Southall , a member of the ILP. Also in 1925, Clifford Allen , the moderate chairman of the ILP, was ousted by the Labour left and replaced by the militant James Maxton . Following this change in leadership, the Labour left organised around
3116-441: The Labour Party since its founding. Historically, the Labour left was one of the two main factions of the party, rivalling the Labour right. In 1980, the Labour left peaked in power as left-wing Labour MP Michael Foot became party leader, marking the first time that Labour had a leader from the Labour left. After the 1981 Labour Party deputy leadership election , this traditional Labour left dissolved and split into two new factions,
3198-482: The Labour Party while the Labour right, closer to the political centre , is the more right-wing faction of the Labour Party. The particular dispute which led to the formation of the two factions was over the meaning of socialism . After the end of the First World War , a revised constitution for the Labour Party was adopted. Clause IV of the new constitution committed the party to the " common ownership of
3280-604: The Labour Party, and avoid the missteps of the ILP. Nonetheless, they would go on to retain the ILP's tendency of becoming disaffected with the Labour Party, and it was proscribed by the Labour leadership within four and a half years of its establishment. During its short existence, the Socialist League was led by several noted members of the Labour left, including Charles Trevelyan , Frank Wise , Barbara Castle , G. D. H. Cole , William Mellor , and H. N. Brailsford . Other Labour left-wingers who involved themselves with
3362-425: The Labour Party, with Maxton stating that this was the only way to preserve the labour movement of the United Kingdom . Differences between the ILP and the Labour leadership began to grow. Labour had been developing a new policy programme since 1927 with a draft of its new manifesto Labour and the Nation scheduled for debate at the 1928 Labour Party Conference , where the ILP and the wider Labour Party clashed. While
Labour left - Misplaced Pages Continue
3444-528: The Labour Party. The main achievement of the Labour government was the 1924 Wheatley Housing Act , which MacDonald dubbed "our most important legislative item". John Wheatley , the minister responsible for the Act, was a member of the Labour left. In his role as Minister of Health , he was able to implement this radical Housing Act, which intended to expand council housing and address high rental prices and over-crowding. This measure went some way towards rectifying
3526-567: The Labour Party. It had increasingly viewed the Great Depression as the beginning of the collapse of capitalism and saw the mainstream Labour Party as insufficiently committed to socialism. It had also openly disregarded party discipline under the second Labour government; a group of ILP Labour MPs known as the Clydesiders during James Maxton 's leadership of the ILP criticised the Labour leadership of MacDonald and often disregarded
3608-399: The Labour leadership remained committed to a gradualist and peaceful transition to socialism through parliamentary politics , and wanted a simple outline of the party's goals, the ILP wanted a short and specific policy programme that would result in the enactment of Socialism in Our Time and full socialism itself. Ultimately, the ILP lost several policy votes at the conference and Labour and
3690-438: The Labour left for the same reasons they had opposed the first Labour government's formation in 1924; they argued it would be too moderate because of its parliamentary minority and dependence on the Liberal Party for support. The new government decided to take an uncompromising approach towards the Labour left. Lansbury was the only known left-winger to be given a role in the cabinet; the education minister Charles Trevelyan became
3772-873: The Labour left include the former First Minister of Wales , Mark Drakeford ; the mayor of the North of Tyne , Jamie Driscoll ; and the honorary president of the Socialist Campaign Group and former Labour MP Dennis Skinner . British politics King Charles III [REDACTED] William, Prince of Wales [REDACTED] Charles III ( King-in-Council ) [REDACTED] Starmer ministry ( L ) Keir Starmer ( L ) Angela Rayner ( L ) ( King-in-Parliament ) [REDACTED] Charles III [REDACTED] [REDACTED] [REDACTED] The Lord Reed The Lord Hodge Andrew Bailey Monetary Policy Committee The United Kingdom
3854-425: The Labour left including Robert Forgan . Nonetheless, the Labour left believed that the year's events were a fair punishment for the Labour Party's mistakes, with Lansbury stating to "honestly believe the movement is going to be purer and stronger for the very heavy defeat we have sustained." In 1932, the ILP, having already had a negative relationship with the wider party under MacDonald, decided to disaffiliate from
3936-512: The Labour left within the party. In 2015, the Labour left saw a resurgence when the left-wing Labour MP Jeremy Corbyn was elected as party leader. In 2020, Corbyn resigned and was succeeded by Keir Starmer , who was from the party's right. Under Starmer's leadership of the party, Corbyn was removed from the Parliamentary Labour Party and barred from standing as a Labour MP in the 2024 United Kingdom general election ; he
4018-419: The Labour left. This newspaper acted as a mouthpiece for Lansbury's personal creed of socialism, democracy, and pacifism. In the 1920s, Lansbury was often in alignment with Maxton and his group of Red Clydeside MPs over their criticism of MacDonald's leadership of the Labour Party; he sometimes had a somewhat distant relationship with this group. A party rebel, Lansbury was committed to socialism and clashed with
4100-420: The MacDonald leadership for its moderate and gradualist ideology. He had also been a leading figure in the ILP before 1914. Responding to the gradualist approach adopted by the 1924 Labour government, Lansbury worked with Maxton and John Wheatley to set up an ILP parliamentary caucus within the Parliamentary Labour Party (PLP) to purge it of gradualism. This caucus met regularly, sponsoring joint amendments on
4182-434: The Nation became a simple outline of the party's goals. Subsequently, MacDonald was responsible for the party's platform for the 1929 United Kingdom general election , which made little reference to socialism and no reference to Socialism in Our Time . From 1925, the Labour left also organised around Lansbury's Labour Weekly , a newspaper founded in 1925 by its editor George Lansbury , a noted pacifist and socialist from
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#17327810297734264-567: The Senedd can now legislate in some areas through an Act of Senedd Cymru . The current First Minister of Wales , or Prif Weinidog Cymru in Welsh, is Eluned Morgan of Welsh Labour . Assembly have powers closer to those already devolved to Scotland. The Northern Ireland Executive is led by a diarchy , most recently First Minister Michelle O'Neill ( Sinn Féin ) and deputy First Minister Emma-Little Pengelly ( DUP ) The British Parliament
4346-596: The United Kingdom is uncodified , being made up of constitutional conventions , statutes and other elements. This system of government, known as the Westminster system , has been adopted by other countries, especially those that were formerly parts of the British Empire . The United Kingdom is also responsible for several dependencies, which fall into two categories: the Crown Dependencies , in
4428-414: The ancient Phoenicians , who took rudimentary tallies of frequency and severity of illnesses among rural farmers to gain an intuition of expected losses in productivity. These calculations were advanced by correlations to climate change, political outbreaks, and birth rate change. The concept of economic capital differs from regulatory capital in the sense that regulatory capital is the mandatory capital
4510-440: The basis of George Lansbury's Socialist Club, which took a vital role in debates on the left about Labour's future strategy and policy platform. In 1925, Lansbury's Labour Weekly repeatedly reported on one particular topic, the issues faced by British miners. In turn, Lansbury and his paper would become direct participants in the crisis that was occurring in the coal industry at the time. The crisis, paired with disappointment in
4592-555: The case of Northern Ireland, co-operates with the government of the Republic of Ireland . Devolution of executive and legislative powers may have contributed to increased support for independence in the constituent parts of the United Kingdom . The principal Scottish pro-independence party, the Scottish National Party , became a minority government in 2007 and then went on to win an overall majority of MSPs at
4674-482: The department is led by a head civil servant known in most Departments as a Permanent secretary . The majority of the civil service staff in fact work in executive agencies , which are separate operational organisations reporting to Departments of State. "Whitehall" is often used as a metonym for the central core of the Civil Service. This is because most Government Departments have headquarters in and around
4756-437: The event, the Labour government would take a gradualist approach to socialism; MacDonald rejected calls from the Labour left to govern according to the party's socialist constitution and policy programme, arguing that the party had to prove itself fit to govern. Instead, his government chose to play down or ignore Labour policies such as nationalisation , the capital levy , and public work programmes to alleviate unemployment as
4838-567: The former Royal Palace Whitehall . The Scottish Government is responsible for all issues that are not explicitly reserved to the United Kingdom Parliament at Westminster , by the Scotland Act ; including NHS Scotland , education , justice , rural affairs, agriculture, forestry and fisheries, some aspects of the benefits system , elections to the Scottish Parliament and local government, some aspects of
4920-601: The immediate vicinity of the UK, are strictly-speaking subject to the Crown (i.e., the Monarch) but not part of the sovereign territory of the United Kingdom (though de facto British territory), and British Overseas Territories , as British colonies were re-designated in 1983, which are part of the sovereign territory of the United Kingdom, in most of which aspects of internal governance have been delegated to local governments, with each territory having its own first minister, though
5002-406: The issue or withdrawal of passports, to the dismissal of the prime minister or even the declaration of war. The powers are delegated from the monarch personally, in the name of the Crown, and can be handed to various ministers, or other officers of the Crown, and can purposely bypass the consent of Parliament. The head of His Majesty's Government , the prime minister, also has weekly meetings with
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#17327810297735084-419: The leader of the political party with an absolute majority of seats in the House of Commons is chosen to be the Prime Minister. If no party has an absolute majority, the leader of the largest party is given the first opportunity to form a coalition. The Prime Minister then selects the other Ministers which make up the Government and act as political heads of the various Government Departments . About twenty of
5166-455: The league included Aneurin Bevan , Harold Laski , and Ellen Wilkinson . On its establishment, the league had six Labour MPs: Clement Attlee , Seymour Cocks , Stafford Cripps , David Kirkwood , Neil Maclean , and Alfred Salter . Within a week of its founding, they saw great success at the 1932 Labour Party Conference, winning votes committing the party to socialist legislation, in particular
5248-434: The most senior government ministers make up the Cabinet and approximately 100 ministers in total comprise the government. In accordance with constitutional convention , all ministers within the government are either Members of Parliament or peers in the House of Lords . As in some other parliamentary systems of government (especially those based upon the Westminster system ), the executive (called "the government")
5330-479: The national government performs the role of local government within that area). The British monarch , currently King Charles III , is the head of state of the United Kingdom . Though he takes little direct part in government, the Crown remains the fount in which ultimate executive power over government lies. These powers are known as royal prerogative and can be used for a vast amount of things, such as
5412-472: The nationalisation of the Bank of England and joint stock banks. The Labour left is usually taken to include former Labour Party leader Jeremy Corbyn and his allies. In Parliament, politicians from the Labour left include Diane Abbott , John McDonnell , Clive Lewis , Richard Burgon , Dan Carden , Lloyd Russell-Moyle , Nadia Whittome , and Zarah Sultana , among others. Outside Parliament, politicians from
5494-599: The party. Fearing that the Labour leadership was moving away from the party's constitutional commitment to socialism as outlined in Clause IV, the Labour left called for a total overhaul of the British economy, intending to defend the party's socialist principles against the leadership's more pragmatic tendencies. It advocated a transition to a wholly socialist economic system where all industries would be under public ownership and wanted to take power away from people with economic capital . It viewed any alterations to this goal as
5576-503: The problem of the housing shortage, which was caused by the disruption of the building trade during the First World War and the inability of working-class tenants to rent decent, affordable housing. Wheatley was also able to provide public housing to council tenants, as against the previous government's commitment to privatisation. This landmark Act subsidised the construction of 521,700 rented homes at controlled rents by 1933, when
5658-574: The regulators require to be maintained while economic capital is the best estimate of required capital that financial institutions use internally to manage their own risk and to allocate the cost of maintaining regulatory capital among different units within the organization. 1800s: Martineau · Tocqueville · Marx · Spencer · Le Bon · Ward · Pareto · Tönnies · Veblen · Simmel · Durkheim · Addams · Mead · Weber · Du Bois · Mannheim · Elias In social science , economic capital
5740-417: The soft left and the modern Labour left. While the modern Labour left remained on the left-wing of the party, the soft left moved towards the party's right-wing, now occupying the space between the Labour left and the Labour right. Foot became a part of the soft left. In 1983, he was succeeded as party leader by soft leftist Neil Kinnock , who took steps to modernise Labour by reducing the influence and power of
5822-538: The sovereign (by way of the Royal Prerogatives). Historically, the British monarch was the sole source of executive powers in the government. However, following the lead of the Hanoverian monarchs, an arrangement of a "Prime Minister" chairing and leading the Cabinet began to emerge. Over time, this arrangement became the effective executive branch of government, as it assumed the day-to-day functioning of
5904-480: The sovereign, where they may express their feelings, warn, or advise the prime minister in the government's work. According to the uncodified constitution of the United Kingdom, the monarch has the following powers: Domestic powers Foreign powers Executive power in the United Kingdom is exercised by the Sovereign, King Charles III , via His Majesty's Government and the devolved national authorities –
5986-488: The standing orders of the PLP. These standing orders disallowed Labour MPs from voting against party policy; however, the ILP wanted the ability to instruct its MPs to vote for ILP policy. At the 1931 general election, candidates from the ILP refused to accept the standing orders of the PLP and stood without Labour Party support, becoming known as the unendorsed Labour candidates ; five ILP MPs were elected. These MPs were grouped as
6068-543: The strike came, the TUC did not want his assistance. In July 1927, Lansbury's Labour Weekly was merged into the ILP's New Leader newspaper, which the ILP used to promote its political ideology within the Labour movement. By this time, the ILP had become the dominant grouping in several CLPs. It was also the largest socialist society in Labour. The 1929 United Kingdom general election returned 287 Labour MPs and Labour formed another minority government dependent on Liberal Party support. 142 of these Labour MPs were members of
6150-434: The subsidy for encouraging local authority housing construction was abolished. Although MacDonald's Labour government had dropped Labour's socialist agenda and governed on a largely moderate policy programme, the Liberal Party withdrew its support of the government only nine months after its formation, leading to the Labour government's collapse after a 1924 vote of no confidence against the government of Ramsay MacDonald . In
6232-622: The title used may differ, such as in the case of the Chief Minister of Gibraltar, though they remain subject to the Parliament of the United Kingdom (when United Kingdom is used to refer only to that part of the British Realm, or sovereign British territory, which is governed directly by the British Government, and not via local subsidiary governments, United Kingdom logically refers to a local government area, though
6314-993: The various government departments, the Lord High Chancellor of Great Britain , the Lord Privy Seal , the Lord President of the Council , the President of the Board of Trade , the Chancellor of the Duchy of Lancaster and Ministers without portfolio . Cabinet meetings are typically held weekly, while Parliament is in session. The Government of the United Kingdom contains a number of ministries known mainly, though not exclusively as departments, e.g., Department for Education . These are politically led by
6396-482: Was believed he could not harm the government's moderate reputation. The political crisis in 1931 proved significant for not just the country but also the wider labour movement and the Labour left. With the fall of MacDonald's second Labour government and MacDonald's formation of the National Government during the crisis, gradualism in the Labour Party fell into uncertainty, with MacDonald expelled from
6478-520: Was expelled from the party in May of that year, but stood as an independent candidate and won his seat in the election. Starmer has been accused of marginalising the Labour left by intervening in Labour's parliamentary selection process in favour of more centrist Labour candidates. There are no members of the Labour left in the Starmer ministry . The Labour Party is a political party in the United Kingdom that
6560-561: Was little that Lansbury could do to stop the ILP's disaffiliation. Following the disaffiliation of the ILP, the Labour left had to find a new organisation to rally around. In October 1932, the Socialist League was formed mostly to fulfil this role. It was founded by members of the ILP who wanted to remain affiliated to the Labour Party and it was considered to be the ILP's successor in the party. On its founding, they committed itself to mostly undertaking research, complete loyalty to
6642-535: Was the other major political party, along with the Conservatives. While coalition and minority governments have been an occasional feature of parliamentary politics, the first-past-the-post electoral system used for general elections tends to maintain the dominance of these two parties, though each has in the past century relied upon a third party , such as the Liberal Democrats , to deliver
6724-417: Was to change the relationship between capital and labour . The tension between these two groups made way for the formation of the two factions. The Labour left emerged as a distinct faction in the Labour Party in the 1920s. By the time the first Labour government came to power under Ramsay MacDonald in 1924, its rivalry with the Labour right had been established, with both factions on an equal footing in
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