Factors of Production – Labour. Labour actually means any type of physical or mental exertion. In economic terms, labour is the efforts exerted to produce any goods or services. It includes all types of human efforts – physical exertion, mental exercise, use of intellect, etc. done in exchange for an economic reward.
New Labour accepted the economic efficiency of markets and believed that they could be detached from capitalism to achieve the aims of socialism while maintaining the efficiency of capitalism. Markets were also useful for giving power to consumers and allowing citizens to make their own decisions and act responsibly.
Labour Business, formerly the Labour Finance and Industry Group, was founded by Harold Wilson in 1972. Today, it is one of the 22 socialist societies affiliated
Labour will ensure businesses have access to the skilled workforce they need now and in the future by introducing free lifelong learning, enabling reskilling
Governing body of the UK Labour Party
The National Executive Committee (NEC) is the governing body of the UK Labour Party, setting the overall strategic direction of the party and policy development. Its composition has changed over the years, and includes representatives of affiliated trade unions, the Parliamentary Labour Party, constituency Labour parties (CLP), and socialist societies, as well as ex officio members such as the party Leader and Deputy Leader and several of their appointees.
Labour business policy
Historical rebranding of the British Labour Party
New Labour was a period in the history of the British Labour Party from the mid to late 1990s until 2010 under the leadership of Tony Blair and Gordon Brown. The name dates from a conference slogan first used by the party in 1994, later seen in a draft manifesto which was published in 1996 and titled New Labour, New Life for Britain. It was presented as the brand of a newly reformed party that had altered Clause IV and endorsed market economics. The branding was extensively used while the party was in government between 1997 and 2010. New Labour was influenced by the political thinking of Anthony Crosland and the leadership of Blair and Brown as well as Peter Mandelson and Alastair Campbell's media campaigning. The political philosophy of New Labour was influenced by the party's development of Anthony Giddens' Third Way which attempted to provide a synthesis between capitalism and socialism. The party emphasised the importance of social justice, rather than equality, emphasising the need for equality of opportunity and believed in the use of markets to deliver economic efficiency and social justice.
