Labour Representation Committee Founding Conference. Saturday 3rd July 2004, 9am - 4pm, TUC Congress House, Great Russell Street, London WC1. The Labour Party was formed by trade unionists and socialists at the turn of the last century to give working people, their families and communities, political representation for the first time. Based on the principles of eradicating the evils of poverty and inequality in our society, the Labour Party was founded on a belief in the redistribution of wealth, power and opportunity into the hands of the many.