The banner's meaning was obvious - the only hope for a radical change in the life of workers was to elect a Labour government. It expressed the dominance of reformism inside the working class. Each of these ideas is fatally flawed.
Unequal distribution is a result of unequal, private ownership of the main means of creating wealth.
As long as that remains, attempts to share out the capitalists' wealth will always be sabotaged by lay-offs, pay cuts or even the closure of plants. As for reforms transforming capitalism into a just society, the idea is ridiculous. Nowhere have the capitalists allowed reforms that have altered the basic structure of their system. Finally, the idea that the capitalists will give up their wealth as a result of a vote in parliament is a very sick joke. In 1973, in Chile, a left reformist government did attempt to carry through major reforms as part of a peaceful road to socialism.