Labor Party (UK)

Labor Party is a British political party formed in 1900 at a meeting of trade unionists and socialists. Its political and economic ideas were largely supplied by the Fabian Society. The Party's first secretary, J. Ramsay MacDonald (1866-1937), became Prime Minister for ten months in 1924, when the 158 Liberal members of Parliament supported the 191 Labor members in opposition to a protectionist proposal of the 258 Conservative Party members. During this time Great Britain recognized the Union of Soviet Socialist Russia. The party returned to power 1929-1931, with 288 members to Conservative 261 and Liberal 57, the Party's policies resulted in taking Great Britain off the gold standard. In power with a clear majority for the first time, 1945-1951, the Party socialized medicine, nationalized key industries and reduced the value of the British pound from $4.03 to $2.80. The Party's re-election in 1964 placed the pound in immediate jeopardy.