Well done Fieryjack, great clue. Thanks AB for word and clip.
BBM2, I was a bit stumped on Paul's too and the best I came up with was
Take the L & R to mean Left and Right wing
Left wing is Labor (US Spelling?) = L + A + R - Right wing is Tory or conservative
The rest of it being =? could be the Def but baffles me still, maybe others could elaborate on this OR I could be a mile out with it