This study is concerned with the ‘Old’ Labour right at a critical juncture of social democratic and Labour politics. It attempts to understand the complex transition from so-called ‘Old Right’ to ‘New Right’ or ‘New Labour’, and locates at least some of the roots of the latter in the complexity, tensions and fragmentation of the former during the ‘lean’ years of social democracy in the 1970s. The analysis addresses both the short and long-term implications of the emerging ideological, organisational and political complexity and divisions of the parliamentary Labour right and Labour revisionism, previously concealed within the loosely adhesive post-war framework of Keynesian reformist social democracy. It establishes the extent to which ‘New’ Labour is a legatee of at least some elements of the disparate and discordant Labour right and tensions of social democratic revisionism in the 1970s. In so doing, it advances our understanding of a key moment in the development of social democracy and the making of the contemporary British Labour Party.