The Labor Party just took power in the UK for the first time in over a decade. What does this mean, from a practical standpoint?

When it comes to British politics, you can change my name from "Probably Clueless" to "Definitely Clueless." I know that the Labor Party is the left wing party of the UK, but that's about it.

Apparently the conservatives have been calling the shots for the last 14 years, or something? What happens now that the other team is in charge?

The Labor Party just took power in the UK for the first time in over a decade. What does this mean, from a practical standpoint?
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