They are the political arm of the wider British co-operative movement, and all members of the party must also be members of a co-operative society. In their formative years they put forward their own candidates, putting forward six in the 1918 general election. One candidate met with success, Alfred Waterson who became a Member of Parliament for the Kettering seat. Waterson took the Labour whip in Parliament. However, the party has, since 1927, had an electoral agreement with the Labour Party, whereby a limited number of candidates will stand under the title of "Labour and Co-operative". This means that the parties involved do not oppose each other.
The Co-operative Party seeks to advance its agenda through the Parliamentary Labour Party. The basic principles underpinning the party are to seek recognition for co-operative enterprises, recognition for the social economy, and to advance support for co-operatives and co-operation across Europe and the developing world. They also claim to stand for a sustainable economy and society, a culture of citizenship and socially responsible business.
There are currently 27 "Labour and Co-operative" MPs, 6 MSPs (Members of the Scottish Parliament), 6 AMs (Members of the Welsh Assembly and the London Assembly) and over 700 local councillors.