Less capital being applied to labour is, other things being equal, going to lead to less productive labour for it is capital added to labour which increases productivity.
Other things being equal, immigrants are more likely to vote Labour than the population as a whole, yet the rise in London's migrant population did not stop the Tories' Boris Johnson from taking the mayoralty from Labour's Ken Livingstone in 2008 and holding on to it earlier this year.
And, in a message on Twitter, David Cameron hailed "a big day for welfare reform as we pilot a cap on benefits equal to the average wage" - adding "amazingly Labour oppose it".
It is not sufficient therefore to look at changes in the labour share and thus conclude that there has been an equal but opposite change in the profit share.