However, since the 1927 Cheltenham Agreement, the party has had an electoral agreement with the Labour Party, which allows for a limited number of "Labour Co-operative" candidates. This means that the parties do not waste resources by opposing each other. The agreement has been changed several times, most recently in 2003. The 2003 agreement was the first between the Labour Party and the Co-operative Party, instead of the Co-operative Societies. After the first formal agreement, nine Labour Co-op MPs were elected at the 1929 general election, and Alexander was made a cabinet minister. However, only one was returned at the 1931 election against the backdrop of a massive defeat for Labour.